February 22, 2024

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Briefly –

  • APE has formed one impulse upside wave.
  • The altcoin hovers beyond crucial Fibonacci levels, signaling renewed strength.
  • Breaching under $3.08 will cancel the uptrend narrative for ApeCoin.

ApeCoin seems prepared for violent upside actions. Interested investors should watch the alternative token to ride the upward benefits. APE’s upside narrative emerges as the overall cryptocurrency market sees bullish reactions, following impressive overnight leg-ups.

APE Hints at Resurrection

ApeCoin might be among the early movers in the crypto world, with its technicals supporting a near-term upward move. Meanwhile, bulls have ensured an attractive 50% surge since 19 June. The uptrend comprised three impulse waves, with a $4.86 high. However, investors took profits, and APE eased to trade around its previous fourth wave territory at $4.29. The altcoin might now surprise most investors with extended uptrends, an unexpected scenario because of the bearish regime that dominated the spring.

For now, ApeCoin’s price hovers beyond the 38.2% FIB retracement zone, following the latest 50% upswing. A second trial to close beyond $4.44 on the intra-hour charts might catalyze APE to surge to $5.10. Nevertheless, bulls should secure support soon as day traders might boast enough momentum to drag ApeCoin towards the 61.8% Fibonacci mark near $3.69.

Therefore, it could be wise for day traders to scoop some APE as the alternative token might witness a massive rally if bulls confirm the second trial around the $4.86 peak. Meanwhile, a closing beneath the latest $3.08 swing low will invalidate the bullish theory. Expect mayhem if APE bears launch such a move. The alternative token would slide towards $2.75 before eyeing $2.28, translating to a 45% decline from APE’s current prices.

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While publishing this post, APE explored bullish waves, trading at $4.42 after gaining 3.45% within the past 24 hours. As highlighted, ApeCoin’s current optimism comes as the broad market records green moves. The global cryptocurrency market cap stands at $928.79 billion, reflecting a 3.12% surge over the past day. Meanwhile, the overall market volume dropped 4.36% over the last 24 hours to $62.87 billion.

What are your thoughts about APE’s revival? You can comment below.

Editorial credit: mundissima / Shutterstock.com

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