- ApeCoin price trades around $1.73, which is a critical juncture that could trigger a volatile move.
- A decisive breakout could trigger a 22% rally that could extend and result in 65% gains.
- On the other hand, a breakdown of the uptrend and production of a lower low below $1.60 will invalidate the bullish thesis for APE.
ApeCoin price currently sits at an extremely important level that could make or break APE holders’ wallets. Investors need to be extremely cautious due to the uncertain nature of Bitcoin price, which seems top-heavy.
Also read: ApeCoin price gains at risk as on-chain metrics turn bearish
ApeCoin price at crossroads
ApeCoin (APE) price has been struggling to overcome the $1.73 hurdle for nearly three weeks. This level is the midpoint of the $0.953 to $2.12 range, created in mid-August. With Bitcoin price moving sideways, altcoins have a chance of triggering a bullish breakout.
If ApeCoin price can produce a clean flip of the $1.73 hurdle into a support floor, it could kickstart a 22% upswing to the range high of $2.12. A surge in buying pressure at this point could catalyze a breakout from the rangebound movement and extend the uptrend by 37%.
The Relative Strength Index (RSI) is approaching the midpoint of 50, suggesting that the bullish momentum is cooling off and has a chance of bouncing from here. The same can be seen with the Awesome Oscillator (AO).
Read more:
APE/USDT 1-day chart
However, if ApeCoin price fails to produce a decisive flip of the $1.73 support level, it could slide lower and tag the $1.60 support level. A breakdown of this level in the four-hour time frame will create a lower low and invalidate the bullish thesis.
In such a case, ApeCoin price could revisit the range low of $1.34 after a 16% downswing.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.