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APE Price Analysis: ApeCoin bulls adamant on price upliftment

•APE/USD is currently priced at $3.96 and has decreased by 0.07% over the past day 

•The trading volumes have decreased by 28.63% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: APE continues to level the playing field

The ApeCoin price today is $3.96 USD with a 24-hour trading volume of $99,052,358 USD. ApeCoin is down 0.07% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.06925 for the altcoin.

ApeCoin bulls have raised the floor in recent days as the asset has gone on a remarkable upward swing. The positive shift in sentiment has left the bears astounded at the outcome which has pushed the APE Price above the 20,50 SMA on the four hour chart. The breach of the immediate resistance placed at $4 would enable the bulls to target the $5 mark over the coming days. However, the threat of the bears cannot be discounted who will be looking to sink ApeCoin below the $3 support level.  

Long Term View for ApeCoin

The RSI for ApeCoin is currently transacting at 54.73 after the price action of the past few days marked the return of the bulls in the market. The green histograms have been a prominent presence on the daily chart which depicts the underlying bullishness aptly. The MACD and signal lines have also ventured into the positive territory which further solidifies the bullish premise.

Conclusion

APE has steered clear of the bearish pressure as the selling pressure has eased in the market. The technical indicators suggest that the asset is likely to undergo a period of accumulation before going on a rally. 

Support: $3.50-$3

Resistance: $4-$4.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Ritika Sharma: Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.