Apecoin price to continue early Monday recovery as $4 is back on the radar
|- Apecoin price is showing signs of clawing back ground this week.
- APE needs to watch two big levels before it can head back to $4.
- A solid 20% gain is on the table for bulls who play this right.
Apecoin (APE) price shows good signs of a recovery trade being underway after a firm sell-off throughout May. As a small rebound is being noticed on the charts, more upside potential is present as the overall outlook for this week falls in favor of the bulls. With a very light economic calendar and markets being a bit less on edge over diminishing tail risks, more upside potential is in the cards with at best a 20% profit.
Apecoin price primed for a 20% recovery to $4
Apecoin price had to say goodbye to $4 ever since May began. With the market phrase “sell in May and walk away” on every trader’s mind, the proverb fits the picture painted on the price action chart. A turnaround looks to be a possibility from here on as the key level at $3.40 is under pressure. A break to the upside now looks likely.
APE has some tailwinds coming in from a light economic calendar and a few tail risks deflating, creating some room for bulls to head higher. Once $3.40 is broken to the upside, expect to see a quick pop to the monthly S1 near $3.52 and $3.60. The last challenge lies at $3.80, which holds the key to unlocking that $4 level. Here the bulls will test the 55-day Simple Moving Average (SMA) for a possible break or rejection at first.
APE/USD 4H-chart
As mentioned above, the first high level is $3.40, where initial resistance can be found. In case bulls are unable to pare that resistance and break above it, expect to see a snap lower and head back to $3.20. In case selling pressure continues, a new low could be printed with APE testing $3.06.
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.