APECoin Price Analysis: APE rose by 16% as Elon Musk turns Twitter profile picture into boring APE collage

• APEcoin is trading up over 11% in intraday trading session as Elon Musk turns Twitter profile picture into the boring APE collage.
• The trading volume has jumped sharply in the intraday trading session after noticing the ongoing news flow.
• The APE/BTC pair price is up 7% in the intraday trading session at 0.000403 satoshis.

How traders will react to the ongoing news flow?

Elon Musk, the multi millionaire Tesla CEO who is in the process of purchasing Twitter, made an appearance on the social network on Wednesday, changing his profile picture to a series of photos of the several bored APE Yacht Club non-fungible tokens (NFTs).

Following the revelation, the price of APECoin, a token created by bored APE maker Yuga Labs, increased. According to Tradingview live data, the APE has risen 16% in the last hour to $16.96.

APE on 4-Hours Price chart 

In the context of the 4-hour price chart, APECoin saw a sudden move after Tesla CEO Elon Musk posted his Twitter profile picture showing several bored Apes.

Thus, at the time of writing, the APE is trading at $15.7. Meanwhile, the market cap stands at $4.49 billion, up 3.2% in the last 24 hours, according to CMC. Moreover, the price of the APE/BTC pair is up 7% at 0.00403 satoshis in the intraday trading session.

Moving towards the $20-resistance, the APE hit the upper boundary of the Bollinger Bands indicator. Hence, the volatility suddenly increased in the intraday trading session. Similarly, on the previous day, APECoin registered an increase of over 30% in trading volume.

But technical indicators still show downside for APE

In terms of the 4-hours price chart, the RSI is trending down a half-line and the MACD remains below the neutral zone (in the negative zone). Both the indicators are slightly bearish for the short term outlook. 

Conclusion 

As per the Fibonacci retracement level, the $17.7 mark is acting as the most recent bullish barrier. Above this area, the aggressive bulls may see an opportunity to take the APE price towards the $20 conceptual round level.

Support level- $15 and $10

Resistance level- $20 and $28

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.