Records New High At $20.95; Still Time To Enter?

APE price is trading higher while recording fresh new highs on the daily basis. The price forward in the north with strong buying momentum. Even, if the sharp price movement could result in the retracement that could be utilized by the sidelined buyers to enter initiate a fresh long position as the current price action indicates the strength in momentum.

• ApeCoin’s price tested an all-time high at $20.95 following the consistent capital flows.
• Expect more gains towards $22.0 amid sustained buying momentum.
• On the 4-hour chart, the price trades along the ascending trend line.

APE price continues to move north

On the four-hour chart, the APE price continues to rise from the lows of $10.97, recording exponential gains. In 10-day the price recorded gains of nearly 92% when the broader crypto market failed to lift up the market sentiments. The ascending trend line from the mentioned level acts as a support for the bulls. The price tested the bullish trend line thrice extending from $13.83, $16.17 to $17.85.

Currently, the price is keeping a strong foothold after tagging the record highs of $21.03. As per the previous pattern, the price could retrace toward $19.20 in alignment with the trend line. However, that weakness can be utilized by the investors to jump in and reap benefits toward $22.0, another fresh new high in price.

On the flip side, a break below the bullish slopping line would reverse the prevailing trend with the immediate downside at $18.0.

Furthermore, intense selling pressure could drag the price to test the 50-day ema (Exponential Moving Average) at $17.18.

As of publication time, APE/USD trades at $20.70, up 2.14% for the day.

Technical indicators:

RSI: The relative strength index approaches the overbought zone with strong upside momentum.

MACD: The moving average convergence divergence trades above mid-line with no sign of reversal.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.