Altcoins

As ApeCoin breaks out of a range, can it push toward $20

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

Bitcoin confronted sturdy promoting strain across the $42.8k space, and one other wave of concern rippled throughout the crypto market. This was not the case for ApeCoin, which occupied the thirtieth spot on CoinMarketCap, ranked by market capitalization. There was heavy demand and momentum was with the bulls. How far may ApeCoin climb?

APE- 12 Hour Chart

Here is what the technicals look like for ApeCoin after breaking past the $15.6 mark

Supply: APE/USDT on TradingView

The market construction of APE on the bigger timeframes was strongly bullish. The previous highs at $15.56 have been damaged previously few days, and on the identical time, the value has fashioned increased lows previously month.

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The value had fashioned a variety between $9.5 and $15.3 (grey) and the value had damaged previous the vary highs and retested the $14.5 assist as nicely. This recommended that additional highs had been probably across the nook.

Utilizing Fibonacci retracement and extension ranges (yellow) for APE’s transfer from $9.5 to $15.56, the 27.2% and 61.8% extension ranges had been plotted at $17.22 and $19.32. It was probably that APE bulls would drive costs towards these ranges and presumably increased as nicely.

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Rationale

Here is what the technicals look like for ApeCoin after breaking past the $15.6 mark

Supply: APE/USDT on TradingView

The RSI on the 12-hour chart posted a excessive of 75.19 and has dipped to simply under 60 as APE pulled again from $16.72 to $14.28. As the value tried to push increased once more, there’s a probability that the value would push increased whereas the RSI was unable to, over the following few buying and selling classes.

This might see APE exhibit a bearish divergence between worth and momentum and will see one other pullback for APE.

The Superior Oscillator was nicely above to zero line to point out that momentum remained with the bulls. The OBV was additionally on an uptrend previously month, exhibiting regular demand from patrons.

Conclusion

The indications confirmed sturdy bullish momentum and good demand behind APE’s rising costs previously week. Whereas there’s a probability of a bearish divergence materializing, it was nonetheless probably that APE would push increased towards the $19-$20 space.

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