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APECoin Price Analysis: APE Bulls are Ready to Push the Price Towards Ideological Round Levels of $10

Analytics

www.thecoinrepublic.com 22 July 2022 17:00, UTC
  
Reading time: ~2 m

  • APECoin price traded above the previous swing high as well as being up 37% higher this week.
  • The 20 day moving average is showing below APE price in the 4-hours price graph.
  • The RSI indicator is moving towards an overbought zone.

The APECoin’s price has broken out of its previous downward trend. The price of APECoin (APE) has increased by 50% in the last week, dominating the $6 level. Along with rising demand, there are rumors of a potential price comeback above the $7 resistance level. However, during the intraday trading session, the price reached a 50-day high of $6.88.

APECoin price action shows a high-low formation after reversing from the June lows. Continuing the uptrend, buyers had an upward trendline (bottom of the chart), which is still valid for the upcoming sessions.

Source: APE/USDT by Tradingview 

Amidst the uptrend, the price of APECoin is above the previous weekly swing high, while this week is up 37%. At the same time, at the time of writing, altcoin was trading at the $6.7 mark. Thus, the market cap of the APE token is up 15% to $2 billion, according to data from CMC over the past 24 hours.

During the 4-hours price graph, the 200-day moving average (red) rose below the APE token price. In the midst of a move towards the conceptual round level of $10, the 20 DMA is acting as an immediate support. Furthermore, the trading volume gradually decreases relative to the ongoing trend.

Buyers Looks Aggressive for Higher Momentum 

Source: APE/USDT by Tradingview 

The RSI indicator is moving towards the highly overbought area while the semi-line is the key support level for the given indicator. Similarly, the MACD also moved above the neutral zone with the green histogram rising.

Conclusion

APECoin price broke the crucial bullish barrier of $6.0 which acted as a support level. Now the bulls are pushing the price of the APE token towards the $7.0 resistance level. Furthermore, traditional indicators favor a bullish trend.

Support level- $5.0 and $4.0

Resistance level- $7.0 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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