APE price edges higher in today’s session with significant gains. The recent price action suggests the presence of the buyers that could lead to further gains in the cryptocurrency. The side-lined buyers took the opportunity to enter into the rally as APE experienced price correction in the previous session.
- APE price picked up the momentum again after a healthy retracement.
- Investors predict fresh lifetime highs amid sustained buying momentum.
- A pullback toward $16.80 could bring more downside in APE price.
APE price set to move higher
APE price continued to move higher after forming a bottoming formation near $10.0 on the daily chart. The bullish formation on April 18, a ‘hammer’ candlestick pattern witnessed an exponential growth in APE price with an ascent of 90%. It has been a steep rise in the price with strong green candlesticks.
Now, the price faces a setback of around $19.65 for the past two sessions. A successful attempt to breach the mentioned barrier would result in the continuation of the upside trend in the price. We expect fresh the next price destination at around $20.0 followed by $22.0.
While, things look positive for the token, the price could retrace on the account of profit booking by the early investors. If that happens to be the case, the immediate downside could be found near the 0.23% Fibonacci retracement level at $17.20.
The retracement, which is extending from the lows of $10.61 acts as a support for the buyers. Further, an extended sell-off could test the 0.38% Fibonacci retracement at $15.97.
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A break below this level would invalidate the bullish outlook in the pair at least in the short term.
As of publication time, APE/USD reads at $18.95, up 4.75% for the day. The 24-hour trading volume slips more than 26% at $1,690,971,685 as updated by the CoinMarketCap
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