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Is the mudslide over? ApeCoin price shows bullish redemption

  • ApeCoin price has printed consecutive bullish engulfing candlesticks on the 3-hour chart.
  • APE price successfully breached and retested the 8-day simple moving average.
  • Invalidation of the uptrend trend scenario is a breach below $4.57.

ApeCoin price shows strong bullish signals pointing to an additional 18-20% rally.

ApeCoin price targets $6.15

ApeCoin price is showing bullish strength to start the first week of July. The bulls have successfully established a higher-low ramping pattern and recently propelled impulsively from the supportive trendline on intra-hour time frames. The recent breach of the $5.00 barrier merits the belief that the bulls have much more fuel in their tanks.

ApeCoin price currently trades at $5.13. The APE price shows confounding evidence of an imminent rally in the Volume Profile indicator. A very classical ramping pattern in favor of the bulls has been established on the 3-hour chart while the APE price consolidates above the recently breached  $5.00 threshold. Furthermore, the 8-day simple moving average (SMA) was breached on July 4 at $4.72, followed by a successful retest-and-rally on July 5. When combined, it seems there are enough bullish confluences to justify opening a long position aiming for $6.15.

https://editorial.fxstreet.com/miscelaneous/APEUSDT_2022-07-07_15-47-58-637928274607652714.png

APE/USDT 3-Hour Chart

Invalidation of the uptrend scenario is a break below the ascending trend line that connects the recently formed higher lows in July. Currently, the price is $4.57 but is subject to move higher if bulls can continue to maintain support as time progresses. 

If the bears breach $4.57, consider the uptrend scenario void. The bears will likely rally towards $2.95, a 44% decrease from the current ApeCoin price. 

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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