- ApeCoin price shows a reclaim of the range low at $5.13, indicating a resurgence of buyers.
- A bounce off this level could kick-start a massive rally that could propel APE to $11.28.
- However, a daily candlestick close below September 16 swing low at $4.55 will invalidate the bullish thesis.
ApeCoin price has been consolidating in a tight range for roughly five months and is currently attempting to get out. A successful recovery will happen if the bullish momentum is sufficient and the market conditions are right.
ApeCoin price prepares for an explosive rally
ApeCoin price has spent most of the five months trading below the $5.13 to $10.25 range. The recent surge in bullish momentum has caused APE to rally 6.5% over the last 30 hours and there are signs that it will continue to do so.
The recovery above $5.13 is a significant step, and the next major hurdle will be the range’s midpoint at $7.69. Coincidently, the volume profile shows that there is a low volume node, aka a gap in trading volume at this level, making a mean reversion play up to it more likely.
Beyond this, the volume profile indicator shows massive gaps or inefficiencies up to $11.28, making it easier for price to rally up to that level. A flip of the $7.69 hurdle will allow ApeCoin price to retest the range high at $11.28, bringing the total gain to 97% from the current position.
How high ApeCoin goes depends on whether the momentum is strong enough, if it is, investors could see ApeCoin price wick up to $11.28.
APE/USDT 1-day chart
Regardless of the bullish narrative above, there is a risk ApeCoin price could easily undo the recent recovery and retest the range low at $5.13. A breakdown of this level will be the first sign of weakness from bulls.
If this trend continues and ApeCoin price produces a daily candlestick close below the September 16 swing low at $4.55, it will create a lower low and invalidate the bullish thesis. This development could see APE drop to the next stable support level at $3.42.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence ApeCoin price.
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
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.