ApeCoin Price Prediction: This simple strategy will tell if you should buy APE
|- ApeCoin price is getting squeezed between the 10-day and 30-day EMAs
- Traders can capitalize on a swift rally to $5.71 and potentially $6 if APE breaks out.
- A daily candlestick close below $4.20 will invalidate the bullish thesis.
ApeCoin price prepares for a quick run-up after breaking out of a significant hurdle. Patient investors are likely to be rewarded on APE’s next move.
ApeCoin price ready to rip
ApeCoin price has produced a higher low between June 15 and July 13, but the upside remains capped due to the 30-day and 25-day Exponential Moving Averages (EMAs). The former EMA has kept APE subdued since its first dip below it roughly two months ago.
Hence, a swift breakout above this hurdle is more than likely to trigger a buying spree in ApeCoin price, triggering a run-up. In such a case, investors can expect APE to rally 17% to retest the $5.71 resistance barrier.
In some cases, this move could extend higher to retest the $6 psychological level, bringing the total gain to 22%. If ApeCoin price manages to flip the $5.71 resistance barrier into a support floor, the chances of APE bulls revisiting the $6.40 ceiling improve vastly.
APE/USDT 1-day chart
While things are leaning toward a bullish breakout, investors need to pay close attention to potential rejection. If ApeCoin price produces a daily candlestick close below the $4.20 support floor, it will create a lower low and invalidate the bullish thesis.
In such a case, investors can expect ApeCoin price to revisit the $3.73 foothold.
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.