Is the mudslide over? ApeCoin price shows bullish redemption

ApeCoin price has printed consecutive bullish engulfing candlesticks on the 3-hour chart.
APE price successfully breached and retested the 8-day simple moving average.
Invalidation of the uptrend trend scenario is a breach below $4.57.

ApeCoin price shows strong bullish signals pointing to an additional 18-20% rally.

ApeCoin price targets $6.15

ApeCoin price is showing bullish strength to start the first week of July. The bulls have successfully established a higher-low ramping pattern and recently propelled impulsively from the supportive trendline on intra-hour time frames. The recent breach of the $5.00 barrier merits the belief that the bulls have much more fuel in their tanks.

ApeCoin price currently trades at $5.13. The APE price shows confounding evidence of an imminent rally in the Volume Profile indicator. A very classical ramping pattern in favor of the bulls has been established on the 3-hour chart while the APE price consolidates above the recently breached $5.00 threshold. Furthermore, the 8-day simple moving average (SMA) was breached on July 4 at $4.72, followed by a successful retest-and-rally on July 5. When combined, it seems there are enough bullish confluences to justify opening a long position aiming for $6.15.

APE/USDT 3-Hour Chart

Invalidation of the uptrend scenario is a break below the ascending trend line that connects the recently formed higher lows in July. Currently, the price is $4.57 but is subject to move higher if bulls can continue to maintain support as time progresses.

If the bears breach $4.57, consider the uptrend scenario void. The bears will likely rally towards $2.95, a 44% decrease from the current ApeCoin price.

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