Share:
  • ApeCoin price is making some big moves as it breaks above a two-month-old declining trend line, suggesting a bullish resurgence.
  • Investors can expect a 20% upswing after another confirmation.
  • A four-hour candlestick close below $4.28 will invalidate this bullish outlook for APE.

ApeCoin price shows that it is ready for more gains after months of consolidation. This move, while bullish, needs another supporting breakout to kick-start the potential rally for APE.

ApeCoin price ready for more gains

ApeCoin price has rallied 13% over the past 24 hours and shows signs that it wants to rally higher. The recent uptick has pushed APE to break above a two-month declining trend line, indicating that the bulls are back.

However, the journey north is not a cakewalk as ApeCoin price will need to overcome the immediate resistance barrier at $5.02. This level is key to triggering a further uptrend for APE. Clearing this hurdle will allow the market makers to push the altcoin above $5.59 to collect the liquidity resting above the equal highs. 

This retest or sweep is the first resting point for ApeCoin price. If bullish momentum persists, there is a high probability that APE continues on its path and retest the $6.09 resistance level. In total, this run-up would constitute a 20% ascent and is likely where the short-term upside is capped for the altcoin.

APE/USDT 4-hour chart

APE/USDT 4-hour chart

Regardless of the bullish outlook for ApeCoin price, investors need to note that the uptrend is highly reliant on a breakout above the $5.02 hurdle. Even after that, there is no guarantee that the uptrend will extend beyond $5.59.

Furthermore, if Bitcoin price tanks before APE reaches the $5.02 barrier, it couldundo the bulls’ hard work. The worst-case scenario would be if ApeCoin price produces a four-hour candlestick close below $4.28; this development will create a lower low relative to the swing lows formed after June 25 and therefore invalidate this bullish outlook.

In such a case, APE.could crash 13% to $3.78 to find a stable support level.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

Coinbase has issued an update concerning the crash, indicating, "We’re beginning to see improvement in customer trading." However. The US-based exchange acknowledges that because of increased traffic, some customers may still see errors when trying to log in to their accounts or execute transactions, but holds, "Rest assured your funds are safe."

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP