fxstreet.com
- 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.