|

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.

https://editorial.fxstreet.com/miscelaneous/APEUSDT_2022-07-07_15-47-58-637928274607652714.png

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. 

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.

Bitcoin, Ethereum, and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Ethereum Price Forecast: FG Nexus continues distribution amid signs of returning risk-on sentiment

FG Nexus, once dubbed an Ethereum treasury firm, resumed offloading the top altcoin on Wednesday, distributing 7,550 ETH, according to data from smart money tracker EmberCN.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.