Is ApeCoin price gaining steam for a significant movement?

ApeCoin price has been bouncing off the $5.93 support level for roughly a week, hinting at an explosive upswing.
Investors can expect a minimum of a 15% rally to $7.19 but could extend to $8.14 after a 30% gain.
A four-hour candlestick close below $5.93 will create a lower low and invalidate the bullish thesis for APE.

ApeCoin price has been consolidating between many barriers for roughly three weeks, hinting at an explosive move. Considering the bullish weekly open for Bitcoin, there is a chance for this volatility to support the bulls.

ApeCoin price ready for a quick run-up

ApeCoin price has been producing lower highs since May 13, suggesting that the bears are in control. While APE produced two lower lows on May 15 and May 27, the third swing low was an equal low formed around the $5.93 support level.

The consolidation above the $5.93 barrier has been ongoing for roughly four days, indicating that orders are building up. Therefore, investors should be ready for ApeCoin price to trigger a minor run-up to the immediate hurdle at $7.19.

This move would constitute a 15% upswing from the current position at $6.31. However, APE bulls need to slice through the 100 four-hour Simple Moving Average (SMA) at $6.83 to reach $6.31.

While the upside can be capped at the aforementioned level, a spike in buying pressure could send ApeCoin price flying to retest the $8.14 hurdle. This development will signify a total gain of 30% from the current position.

APE/USDT 4-hour chart

While things are looking up for ApeCoin price, the bull rally explained above is limited due to hurdles laid out in its path. However, if APE produces a four-hour candlestick close below $5.93, it will create a lower low and invalidate the bullish thesis. In this case, ApeCoin price will likely crash 15% and revisit the $5.02 support level.

Share: Cryptos feed

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.