ApeCoin price optimistic with eyes set on $10
|- ApeCoin price rallies against all odds, closing the gap to $6.50.
- News of a new staking feature has stirred excitement in the community, hence the outlook to $10.
- On-chain data by Santiment shows a negative weighted sentiment, adding credence to the bullish outlook.
ApeCoin price was among the few cryptocurrencies to flip bullish following the market crash in June. Its recovery has continued undeterred, with the ultimate break from the resistance range between $4.20 and $5.30 paving the way for gains that might close the gap to $10, before the end of the week.
Odds moved in favor of a sustainable uptrend when ApeCoin announced plans to support staking. Staking is a process whereby users lock up their tokens within the blockchain to secure the network. In return, they are paid an annualized rate, viewed as passive income. ApeCoin told its users via Twitter that:
“Staking is important to our community and something we need to get right. We anticipate that a robust staking system will be launched this autumn… We’re currently finalizing details that will serve as the basis for a wider update on our progress in line with AIPs-21&22.”
ApeCoin price gradually matches to $10
ApeCoin price traded at $6.48 at the time of writing while sitting on top of the long Exponential Moving Average (EMA). A glance to the upside shines a light on the barrier at $7, likely to delay the expected run-up to $10.
On the other hand, the Directional Movement Index (DMI) on the eight-hour chart sports a positive signal. As long as the –DI stays above the +DI, ApeCoin price will likely keep the uptrend intact.
APE/USD Eight-hour Chart
The SuperTrend indicator appears to be trailing ApeCoin price while reinforcing the growing bullish influence, as elucidated in the chart above. A buy signal sent on July 17 implies buyers have the upper hand. This outlook will remain unchanged unless the SuperTrend flips above APE price and changes the color from green to red.
On the other hand, the latest on-chain data from Santiment cements ApeCoin’s price’s impending move to $10. The chart below highlights the weighted sentiment at -0.691, which is only a few points above July’s lowest level. For comparison’s sake, historically note that APE spiked by more than 65% between July 14 and 22 after this metric dropped to -0.72.
ApeCoin Weighted Sentiment (Total)
Two outcomes are likely to take center stage in the coming days. Either ApeCoin price lifts beyond $7 and closes the gap to $10 or falters and cracks through support at the long EMA and retests support at $6 and $4.40, respectively.
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