- Apecoin price is on its fourth consecutive week of positive returns.
- The next bullish target lies at $6.30, 24% above the current APE price.
- Invalidation of the uptrend for APE is a breach below January's low at $3.61.
ApeCoin price continues to display bullish cues. If market conditions persist, APE may be on its way toward much higher targets.
ApeCoin price going off on one
ApeCoin's price is currently up 37% since the start of the new year. Throughout the month, the bulls have produced significant uptrend momentum, blowing past November's midpoint and taking out the monthly high as of this week.
APE price currently auctions at $4.92. The bulls have produced three consecutive weeks in the green and are likely to succeed at their fourth if the market remains elevated above this week's opening price of $4.44.
The Relative Strength Index, an indicator used to gauge the strength and momentum of a trend, shows the uptrend is genuinely bullish based on breaking out past overbought conditions on the daily time frame. Since this is the case, the APE price could go on to challenge the liquidity above September's monthly high, near $6.36. The Ethereum-based NFT token would rise by 24% in this case.
APE/USDT 8-Hour Chart
Since the APE price is already elevated and traders are in profit from the previous trade idea, the uptrend invalidation point should be a stern breach below the 8-day exponential moving average at $4.50. If the barrier is breached, APE could go on to test previously broken resistance zones as support, presumably at $4.00 and potentially $3.85. The bearish scenario would result in a 20% decline from ApeCoin's current market value.
This video details how Bitcoin price moves could affect 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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP crash, wiping $1.17 billion from the market
Bitcoin price trades below $98,000 on Friday after declining more than 6% this week. Ethereum and Ripple followed BTC’s footsteps, closing below their key support and declining 12% and 4.5%, respectively, this week.
Bitcoin's trajectory shows similarities with previous cycles as long-term holders book profits of $2.1 billion
Glassnode's Week on Chain report revealed the similarities between the current Bitcoin uptrend and previous cycles amid changing market conditions. Meanwhile, long-term investors began distributing their tokens at the $100K level.
Crypto Today: Hawkish Fed triggers $400B sell-off as meme coins mirror ETH, SOL price dip
The cryptocurrency sector valuation fell below the $3.5 trillion mark on Thursday, with a 10.7% decline reflecting $390 billion worth of outflows. The crypto market dip has been linked to the US Federal Reserve hinting at a hawkish stance for 2025.
Ethereum Price Forecast: ETH may not sustain recent 10% decline despite panic selling from short-term holders
Ethereum declined below the $3,550 key support level on Thursday following bearish pressure from the Federal Reserve's rate cut decision. However, on-chain analysis shows that the price decline may not last long as long-term holders have stayed quiet despite the bearish sentiment.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
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.