- ApeCoin price shows small gains, as tailwinds need to kick in with delayed effect.
- APE price is set to rally first to a critical FIB level before jumping above the technical element.
- Expect at least a rally between 40% to 60%.
ApeCoin (APE) price is set to rally back towards more common levels from before when dollar strength kicked in at the beginning of this month. Expect to see APE price return to the 23.6% and the 38.2% Fibonacci level and possibly test the 55-day Simple Moving Average (SMA) for resistance as the dollar fades and opens a big gap of upside potential. Expect to see bulls and investors return with that gap as a summer rally finally looks to be underway.
APE price set to jump back above $10.00
ApeCoin price shows its first signs of recovery and is possibly ready to enter a fierce rally towards $14.00. Support has come from tailwinds spilling over from equity markets that are up this morning and look to have avoided a weekly close in bear market territory. This helped trigger more cash and investment inflows as investors shifted back towards the buy-on-dips-mentality.
For APE price, this means an influx of bulls overweighing bears and setting the stage for a return above the 2.6% Fibonacci level at $9.76, just shy of the $10.00 marker. Once through there, expect to see the next jump unfolding toward $11.34 at the 38.2% Fibonacci level. At this pace, by the end of this week, $14.00 could be ticketed and, in the process, a break above the 55-day SMA, which will be conceived as the end of the downtrend and possible new all-time highs to come during Summer.
APE/USD daily chart
A new geopolitical chapter could be around the corner as Biden commented that the US would use military force against China if it attacked Taiwan. Although there is a longstanding agreement between the two nations on using force, this came as a shock to the markets but was quickly backtracked by the White House as a wrongly phrased paragraph. But it puts tensions between the two nations on alert again and could trigger a sharp risk-off move should it come to that, with APE price set to tank back to $5.00.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.