ApeCoin Breaks Out With Degen Play Activated, Can $7.5 Be The Target?
The price of ApeCoin (APE) has recently struggled against tether (USDT) after seeing its price rejected from $7.5. Bitcoin’s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. This movement has affected other altcoins as most cryptocurrencies produce double-digit gains, including ApeCoin (APE). (Data from Binance)
ApeCoin (APE) Price Analysis On The Weekly Chart
The price of APE has had a difficult time replicating its bullish move that saw the price rally to $7.5 in recent months as the price rallied with a good bullish sentiment.
After falling from an all-time high of $27.5, APE has struggled to stay afloat as the price fell to a low of $4. APE price has formed good support at $4 with what looks like an area of interest for buyers and investors.
The price of APE closed the week with indecision between the buyers and sellers; with the new week looking more bullish, this shows strength to recover, and with this momentum from APE, we could see the price revisiting the $7.5 mark where it will face resistance to trend higher.
The price of APE is faced with resistance as the price of APE is unable to trend higher in price; if APE flips this region, we could see the price going to a region of $7.5 and even higher.
Weekly resistance for the price of APE – $7.5.
Weekly support for the price of APE – $4.5.
Price Analysis Of APE On The Daily (1D) Chart
APE saw its price rejected from $7.5 as the price fell to a low of $4; the price of APE bounced from this after form support to hold off sell orders.
The price of APE rallied from the low of $4 to $5.1, where it was faced with resistance to breaking above $5.4.
After forming a bullish symmetric triangle and breaking out from a downtrend line, the price of APE broke out with strong bias as the price could be set at $7.5. A close of APE above $5.5 could see the price rally higher after showing bullish movements.
The price of APE trades at $5.1, trying to break and hold above the 50 Exponential Moving Averages (EMA) on the daily timeframe. The price at $5.5 corresponds to the 50 EMA acting as resistance to the price of APE.
APE needs to break above the 38.2% Fibonacci retracement value acting as resistance for the price of APE. If APE breaks and closes above this region, we could see the price going to $7,5.
Daily resistance for the APE price – $5.5.
Daily support for the APE price – $4.
APE Price Analysis On The Four-Hourly (4H) Chart
The price of APE in the 4H timeframe continues to look bullish after breaking out of a symmetric triangle with bullish signs; the price trades retested below the 200 EMA; flipping the 200 EMA acting as resistance for the APE price would mean more bullish sentiment.
APE price trades above the 50 EMA, with the price corresponding to $4.7 acting as a support area for the price of APE.
On the 4H chart, the Relative Strength Index (RSI) for APE is below 75, indicating high buy order volume for the APE price.