ApeCoin (APE) presents an interesting technical picture as crypto nears a critical obstacle. A swift move past this barrier may trigger uptrends for the alt, an upside that will likely print a base before rallying towards ATHs.
APE Price Prepared for Recovery?
ApeCoin’s price saw massive drops since the alt touched the $17.46 record high on March 18. Though the first hype dwindled, the token cauterized near $10.60. APE surged towards the $15 level (after creating a swing low), printing a local high on March 28.
However, the barriers between $10.68 and $15 have held the ApeCoin price hostage since the rise. Recent price actions have seen APE hovering inside the $12.4 – $10.60 range. Nevertheless, the latest buy pressure resurgence has tried to push ApeCoin beyond the hurdle at $12.40. Success could mean buyers’ comeback and a potential base that may launch upward moves.
Surprisingly, ApeCoin gained approximately 11% over the past 24 hours after forming two higher lows near $10.60 and $11.05 on April 11 and April 19, respectively. As the Relative Strength index formed higher lows those days, APE reveals a concealed bullish divergence.
Price action bursts usually follow such technical formation (hidden divergence). That is because players can confuse the RSI’s lower moves with the fading momentum. Continued buying pressure can trigger a 20% upward rally for ApeCoin to tag the hurdle around $15.
Whale Action?
APE whales with 100,000 – 1,000,000 tokens have surged to 154 since the alt’s inception on March 17. Moreover, the investors count climbed to 154 from 149 regardless of the latest price from the $17.46 all-time peak to $10.50. That shows market players anticipate bullish reactions from ApeCoin.
Nevertheless, the NFT-related alt depends on Bitcoin’s outlook. An intense flash crash by BTC would see things going sour for ApeCoin. Such a scenario would see a daily candle closing under $10.50 forming a lower low before the token deviates beneath the range low to end APE’s bullish thesis. That can trigger downward moves in search of steady support floors until sidelined investors join the market.
Stay tuned for the latest developments in the crypto markets.
Editorial credit: David Esser / shutterstock.com
