Will the ApeCoin price finally defy the odds? Higher targets depend on this
- ApeCoin price ascends under low volume.
- APE price hovers above the 8- and 21-day simple moving averages.
- The uptrend for ApeCoin price is dependent on $4.05 holding as support.
ApeCoin price could continue higher, but the uptrend does not look promising.
ApeCoin price uptrend is unconvincing
ApeCoin price shows questionable signals to start the month of August. Since mid-July, the APE price has been on a steady uptrend. However, the Volume Profile Indicator does not display a confident pattern justifying the gains. The APE price still has the potential to rally, but a smart money liquidity hunt targeting $4.40 will be unsurprising if it occurs.
ApeCoin price currently trades at $7.32. From a price action point of view, the Ethereum-based NFT platform token looks to be aiming for liquidity levels in the $10.80 range. Such a hike would result in a 50% increase from the current market value. The 8- and 21-day moving averages support the idea that the bull run may continue as they are ontracting just below today’s auctioning price.
APE/USDT 1-Day Chart
Due to the sparse volume profile, bulls looking to enter the market targeting $10.80 should leave room for error. The entire uptrend scenario would be void if the bears can conquer the invalidation point at $4.05. Consequently, a decline towards $3.70 would be likely, resulting in a 50% decrease from the current ApeCoin price.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
Author
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.
