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Apecoin price trades higher following a previous day’s downside movement. The buyers emerge near the lower level indicating the underlying sentiment is in favor of the bulls. The price has shifted its sentiment from being overly bearish to optimistic.
- APE price prints modest gains on the weekend.
- A sustained buying momentum could extend to significant levels between $8.00 and $10.00.
- However, a candlestick below $6.10 would invalidate the bullish outlook.
The token surged more than 35% in the week. After falling to its all-time low in June at $3.05, the price is being up 123% since then.
As of press time, APE/USD is exchanging hands at $6.35, up 2.37% for the day.
APE depicts bullish momentum
On the daily chart, the APE price formed a bullish ‘Cup and Handle’ pattern frame, a bullish continuation pattern. The price traded above the 50-day EMA (Exponential Moving Average) at $5.64. Apecoin’s price has breached a one-month high of $6.40, which points to the aggressive buying pressure.
A sustained buying from the buyers could push the price above the swing high of $6.93. Next, the bulls would try to attempt to test the $8.0 mark. This would fuel another round of buying interest and would aim for the psychological $10.0 level.
However, it should be noted that before turning to a fresh bull journey, a minor pullback could be expected. As the declining volumes near the higher levels signify distribution.
On the hourly chart, as per the Eliot wave theory, the APE price has formed a classic higher rise and higher loss by making 5 moves on higher sites. According to Eliot wave theory, the ABC pattern is under formation. This indicates a correction in the price toward the $6.0 level.
According to the momentum oscillators, MACD and RSI, APE trades with a neutral bias.
Conclusion:
Any correction in Apecoin could be a valid entry point for higher targets of $8.0 and $10.0.
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