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The bounce in the price of ApeCoin indicates the possibility of a long bullish run that brings other positive assertions along with it
The Crypto market, earlier this month, was fluctuating and riding upon the ups and downs waves, but after that bumpy ride, it seems like things would go smooth now. For instance, ApeCoin price has shown convergence or meeting of bullish signal forecasting that good things are likely to happen. On top of that, the ongoing crypto market showing good health would help this run of ApeCoin to take a boost.
Since the 18th march peak of $17.4, the price of ApeCoin has been showing a downtrend in terms of trading price. It made an attempt to bounce back but managed to reach a lower high at $15.58, and it has since then crashed by around 31%. From 11th April to 14th April, APE had tried to rally again but failed to do so because of the prevailing market conditions.
ApeCoin price, as a result, went on a downtrend that longed for four days while producing lower highs. And now, over the past 24 hours, ApeCoin native token APE has rallied up to more than 11% and has put an end to the ongoing downtrend. But more interestingly, APE formed a higher low between the time of 11th April and 19th April, while the RSI or Relative Strength Index produced a new higher low that indicated a hidden divergence of a bullish run.
This type of technical formation usually suggests that the momentum is on the rise, hinting that the upcoming movements will boost ApeCoin’s price. So investors can expect the ApeCoin price to rally up to 22% and cross the threshold hurdle of $14.43. This is present inside the supply zone of one hour, extending from the trading price of $14.23 to $15.98. While supporting this uptrend forecast for the price of ApeCoin is one of the recent accumulation of whale investors holding around 100,000 to 1,000,000 APE tokens. These whale wallets have increased their crypto holdings from 3.6% to 3.9% since 28th March.
Daily candlestick closing below $10.64 will invalidate the thesis showing a bullish run for ApeCoin price by generating a lower low. Such a move could invite the bears further by triggering a 10% crash to $9.64, and here buyers could trade APE at a discounted price from a base that gives the run-up to have another go.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
