Bitcoin (BTC) faced strong selling pressure at the $42,800 levels and created a wave of fear in the crypto market. Ranked #30 by market cap on CoinMarketCap ApeCoin (APE) For him, the situation was just the opposite. ApeCoin was in high demand and the bulls were able to maintain their momentum. So how high can ApeCoin price go?
ApeCoin 12 Hour Chart
ApeCoin has also risen strongly in the market structure over the wider time frame. Old highs of $15.56 have been broken over the past few days and at the same time, the price has formed higher lows over the past month.
The price formed a range between $9.5 and $15.3 (gray) and crossed the highs of the range and retested the $14.5 support. This indicated that higher highs were quite close.
ApeCoin priceThe move from $9.5 to $15.56 is marked by 27.2% and 61.8% extension levels at $17.22 and $19.32 using Fibonacci retracement and extension levels (yellow). APE bulls could push prices to these levels and possibly even higher.
The RSI on the 12-hour chart is at 75.19 and just below 60 as the APE retracement from $16.72 to $14.28. As the price is trying to rise again, there is a chance that the price will go higher while the RSI may fail in the next few trading sessions.
This could see APE break down between price and momentum and see another pullback for ApeCoin.
The Awesome Oscillator was positioned well above the zero line to show that the momentum is staying in the bulls. OBV was also in an uptrend last month and continues to see steady demand from buyers.
As a result, indicators showed strong bullish momentum and good demand behind the higher prices of APE over the past week. While there is a chance for a bearish divergence to occur, the APE is still likely to rise towards the $19-20 region.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.