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.
Four-Hourly resistance for the APE price – $5.5.
Four-Hourly support for the APE price – $4.7-$4.