APE price surged fiercely on Saturday wiping out all the previous day’s losses. The bulls make a strong comeback giving the signals that upside momentum is strongly inhibited in the price action. Investors can expect APE to further push higher and forms a new demand zone on the daily chart.
- APE price is set to explode further as the strong bullish momentum is here to stay.
- We expect a jump toward $28.0 as the next upside run on the daily chart.
- The downside seems capped near $19.0 which constitutes three session’s lows.
As of publication time, APE/USD is trading at $22.90, up 27% for the day.
APE price continues to move north
On the daily chart, the APE price is continuously traveling north after harboring a strong support zone around $10.90. The price rapidly picked up the momentum since April 19 and logged the exponential gains. APE registered a growth of 145% in less than two weeks making the investors rich. The strong green candlestick indicates the continuation of the upside momentum in the price.
On moving further higher, the APE buyers would first take out the record highs of $27.78 made on Friday. A sustained buying pressure would fuels the next leg up toward $28.0, a fresh all-time high for the coin.
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On the contrary, a shift in the bearish sentiment would neglect any bullish arguments in the asset. In that case, the first downside target could be found at $20.0, a mid-way point. A daily close below $19.0 could expect away toward $16.0.
Technical indicators:
RSI: The Relative Strength Index (RSI) pierced above the average line on April 30 indicating scope for further upside. It reads at 66 still far from the over-heating market condition.
ADX: The Average Directional Index suggests the underlying bullish sentiment in the price.
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