|

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.

More from Tony M.
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.