Apecoin price underpinned as traders await Friday for their next move
|- Apecoin price near term primed to pop towards $6 as it remains underpinned.
- APE price still with an overall negative outlook in the longer term.
- Expect to see price action being topped by a few bearish elements nearby.
Apecoin (APE) price action is set to pop a little higher as traders try to eke out those last gains before facing that catalyst on Friday afternoon with the Jackson Hole symposium. And gains are in the prospect with still 48 hours to go, with plenty of upside potential. Traders and investors willing to go for it on Apecoin could still end up with an 18% return before a possible setback could be triggered on Friday afternoon around the US opening bell.
APE price could pop 18% in just 48 hours
Apecoin price looks to be set for a rather downward trajectory as several bearish elements hold the price action within its powers. Nonetheless, there are profits up for grabs for traders aware of what is happening in the markets. With the support level at $5 holding overnight, APE bulls have delivered a signal to the markets that they are taking over the price action over the next hours.
APE price has plenty of room to pop higher with only $5.79, the first semi-mentionable level that could see a rejection, while just a few cents above the 55-day Simple Moving Average (SMA) holds far more importance. Add the descending trend line, and APE is under pressure from a double top near $6. The Relative Strenght Index, which is trading very low, is reason enough for bulls to make that final push higher before Friday afternoon.
APE/USD Daily chart
Risk to the downside comes with investors pulling out their cash from cryptocurrencies and putting it aside in order not to be at risk should the markets implode after the comments from Fed chair Jerome Powell on Jackson Hole. With that cash drain, expect to see APE price slip back below $5 and test $4.27 for support. The biggest risk is that APE price gets run into the ground and falls to $3, with 41% losses from where it is trading currently.
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