ApeCoin Breaks Out With Degen Play Activated, Can $7.5 Be The Target?

ApeCoin (APE), which was recently compared to tether USDT, has struggled since its value dropped from $7.5. Bitcoin’s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. The movement also affected altcoins, as many cryptocurrencies have double-digit gains. ApeCoin (APE) is one example. (Data from Binance).

ApeCoin (APE), Price Analysis on The Weekly Chart 

APE prices have had difficulty replicating the bullish trend that saw APE rise to $7.5 in the recent months. However, the price has rallied strongly with bullish sentiment. 

APE price plummeted from $27.5 an all-time peak, but it has been struggling to remain afloat since the low of $4. The APE price is stable at $4, which seems to be an area of potential interest for investors and buyers.

APE ended the week with indecision among buyers and sellers. The new week looks more bullish and this indicates strength to recover. APE could be seen revisiting the $7.5 level, where it will encounter resistance and trend higher.

APE prices are facing resistance. APE has been unable to move higher, so if APE switches this region we may see APE going up to $7.5 or even more.

Weekly resistance for the price of APE – $7.5.

Weekly support for the price of APE – $4.5.

The Daily APE Price Analysis (1D), Chart

Source: APEUSDT On Tradingview.com| Source: APEUSDT On Tradingview.com

APE had its price rejected starting at $7.5; it dropped to $4 after support from the form to keep away from sell orders.

APE rose to a high of $5.1, from a low point of $4, and then it met resistance at breaking past $5.4.

APE’s price broke from its downtrend line and formed a bullish-symmetrical triangle. The strong bias of the market meant that the APE price was set to $7.5. A positive move by bullish indicators could lead to a higher APE close.

APE prices trade at $5.1, and are trying to hold the price above the 50 Exponentially Moving Averages (EMA) for the daily timeframe. APE’s resistance is represented by the 50 EMA at $5.5

APE must break the 38.2% Fibonacci resistance value, which is acting as resistance to the price. APE that closes higher than this level could lead to the price reaching $7,000.

Daily resistance for the APE price – $5.5.

Daily support for the APE price – $4.

APE Price Analysis on The Four-Hourly (4H), Chart

Source: Tradingview.com| Source: APEUSDT On Tradingview.com

After breaking out from a symmetric triangle of bullish signs, the APE market price continues to be bullish in the 4-H period. The price traded below the 200 EMA and then flipped the 200 EMA as resistance. This would indicate more bullish sentiment. 

APE prices trade above the 50 EMA. The price of $4.7 acts as a support for APE’s price.

The 4H chart shows that the Relative Strength Index for APE (RSI for APE) is lower than 75. This indicates high volume buy orders for APE prices.

Four-Hourly resistance for the APE price – $5.5.

Four-Hourly support for the APE price – $4.7-$4.

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