Why ApeCoin Price Won’t Monkey Anymore

  • ApeCoin price is making big moves as it breaks above a two-month-old falling trendline, suggesting a bullish resurgence.
  • Investors can expect a 20% upside following further confirmation.
  • A four-hour candlestick close below $4.28 will invalidate this bullish outlook for the APE.

ApeCoin price shows it is ready for more gains after months of consolidation. This move, while bullish, needs another break of support to kick off the potential APE rally.

ApeCoin price set for more gains

The price of ApeCoin has increased by 13% in the past 24 hours and is showing signs that it wants to rise. The recent rise has pushed APE above a two-month downtrend line, indicating that the bulls are back.

However, the trip north is not a walk in the park as ApeCoin price will have to overcome the immediate resistance barrier at $5.02. This level is essential to trigger a new uptrend for the APE. Removing this hurdle will allow market makers to push the altcoin above $5.59 to collect remaining liquidity above the equal highs.

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

APE/USDT 4-Hour Chart

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

Moreover, if the price of Bitcoin drops before the APE hits the $5.02 barrier, it could undo the hard work of the bulls. The worst-case scenario would be for ApeCoin price to produce a four-hour candle near $4.28; this move will create a lower low from the swing lows formed after June 25th and therefore invalidate this bullish outlook.

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

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