• ApeCoin price bears some low-hanging fruit on the topside.
  • APE price still trades in a compassionate environment. 
  • Only very disciplined traders will make money from this trade and navigate these difficult times.

ApeCoin (APE) price action could be bearing some low-hanging fruit with roughly 16% of gains in the making as APE price claws back to $4.889. That comes as the aftershock of the Bitcoin correction triggers broad buying across the cryptoverse this morning. Traders should be careful, however, as the current market conditions do not provide a supportive backdrop to  dip-buying.

APE price bears some low-hanging fruit

ApeCoin price holds some nice gains for traders that act disciplined once profit targets to the upside have been reached. APE price could make 16% gains as a return to the upside elicits  some broad buying interest in cryptocurrencies this Monday, as investors jump on low prices. Although this looks lucrative and a ‘once-in-a-lifetime’ opportunity, risks stemming from current global market dynamics focusing on inflation and recession worries have yet to be resolved.

APE price thus retains some limited upside potential. Traders need to keep in mind where the red descending trend line and the historic pivotal level at $4.89 come close and intersect to the upside, as this will be a key resistance level to watch. Add to this that the dollar’s strength is coming off a bit and there is room for a rally  towards the aforesaid level, booking 16% gains before a firm rejection which could push price-action back to the down towards $2.00.

APE/USD daily chart

APE/USD daily chart

Risk to the downside comes from markets going into a cramp at any moment, as several key economic data points come out this week. If the current downbeat sentiment gets reaffirmed in those economic data figures and recession woes flare up again, the current gains could easily be exchanged for bigger losses and new lows. APE price could then drop below $2.00 and hit rock bottom at the monthly S1 pivot level at around $1.07.

 


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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. 

More Bitcoin News
ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

Ondo price is nearing its key weekly resistance of $1.38 on Friday, and a firm close above this level hints at a rally ahead. Ondo launches its Ondo Chain, a new Layer 1 blockchain purpose-built for institutional-grade RWAs.

More Ondo News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Bitcoin (BTC) hovers around $97,400 on Friday after losing nearly 5% in the last three days. Ethereum (ETH) and Ripple (XRP) fail to recover and face rejection from their key levels, hinting at further corrections.

More Cryptocurrencies News
XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

Ripple's XRP was in the limelight on Thursday following the Chicago Board Options Exchange (Cboe) 19b-4 filing to the SEC to list and begin trading XRP exchange-traded funds (ETFs) for asset managers Canary Capital, WisdomTree, 21Shares and Bitwise. 

More Ripple News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP