Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
Bitcoin confronted sturdy promoting stress 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
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 up to now few days, and on the similar time, the value has shaped larger lows up to now month.
The worth had shaped a spread 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 prompt that additional highs have been seemingly 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 have been plotted at $17.22 and $19.32. It was seemingly that APE bulls would drive costs towards these ranges and presumably larger as nicely.
Rationale
Supply: APE/USDT on TradingView
The RSI on the 12-hour chart posted a excessive of 75.19 and has dipped to only beneath 60 as APE pulled again from $16.72 to $14.28. As the value tried to push larger once more, there’s a probability that the value would push larger whereas the RSI was unable to, over the subsequent few buying and selling periods.
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 indicate that momentum remained with the bulls. The OBV was additionally on an uptrend up to now month, displaying regular demand from consumers.
Conclusion
The symptoms confirmed sturdy bullish momentum and good demand behind APE’s rising costs up to now week. Whereas there’s a probability of a bearish divergence materializing, it was nonetheless seemingly that APE would push larger towards the $19-$20 space.
