fxs_header_sponsor_anchor

ApeCoin: How likely is a new all-time high?

  • ApeCoin price shows resilience after crashing 44% from its all-time high at $17.47.
  • A bottom formation suggests that APE is ready for a quick 20% recovery rally.
  • The $9.52 support breakdown will create a lower low and invalidate the bullish thesis.

ApeCoin price shows signs of recovery after it forms a makeshift base. This foothold will likely serve as a launching pad, allowing APE to rally higher and recover its losses.

Also read: AMC stock surges on the return of retail, GME pops 30% as Ryan Cohen buys

ApeCoin price reveals bullish intent

ApeCoin price dropped roughly 44% from its all-time high at $17.47 and set a swing low around $9.52. This cessation of the downward move was followed by a quick run-up with a higher high formation at $11 relative to the March 21 swing high.

Such a formation indicates willingness from bulls to move higher. This 15% rally was followed by a retracement to form a higher low at $9.73, indicating the continuation of the uptrend. Therefore, investors can expect ApeCoin price to sustain this trend in the coming days.

From the current position at $10.82, there is an opportunity for a 22% ascent to $13. The area extending from $12.63 to $13.04 is a resistance zone and is likely where the upside will seize for ApeCoin price.

Although unlikely, there is a chance for ApeCoin price to retest the old-all-time high at $17.47 if bulls manage to breach the $15.81 resistance barrier. In some cases, the run-up might extend and set a new all-time high at $20 if the crypto market remains optimistic.

APE/USDT 1-hour chart

On the other hand, if ApeCoin price fails to maintain the momentum, there is a good chance it will return to the $9.52 support level.

Here, buyers have another chance at recovery by forming a double bottom setup. However, failing to do so will result in a further downtrend. If this move produces a decisive candlestick close below $9.64, it will create a lower low and skew the odds in the bears’ favor.

This development will invalidate the bullish thesis and trigger a further correction for the ApeCoin price to revisit a one-hour demand zone, extending from $8.19 to $8.76.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.