Crypto

ApeCoin Price Targets $6 as Retail Traders Short | Cryptocurrency

  • ApeCoin price rose 25% in October.
  • There is a bullish crossover between the 8-day and 21-day exponential moving averages.

  • The uptrend potential reversal is a break below the $3.97 thesis, which could happen if traders pull back $6.35.

The price of ApeCoin has risen impressively in the last days of October. However, an additional 25% rally is possible. Key levels are defined.

ApeCoin Price Has Potential

The price of ApeCoin is currently up 25% over October. The Ethereum-based NFT token skyrocketed in price on October 25 and has been rising steadily ever since.

APE price is currently $4.99. The bull has successfully crossed the 8-day and 21-day exponential moving averages and a bullish crossover should now occur as the APE supply is above them. A bullish crossover could trigger a rally equal in value to the prior near $6.00, resulting in a 25% increase.

APE/USDT 1-day chart

Despite the strong uptrend signals, retail traders are skeptical about the potential of ApeCoin. According to the CoinGlass Long-vs-Short indicator, most traders were short throughout the entire 25% rally. The indicator can be seen as an opposite bullish signal. A much bigger rally needs to happen to eliminate the bears in the market.

A refutation of the bullish thesis could come if the bears re-mark the $4.56 low reached on October 27th. The final break could trigger a burst of selling to reach liquidity around $3.00. Such a move would cause the current price of ApeCoin to fall by 40%.

1667001616 838 ApeCoin price target 6 traders

CoinGlass Long vs. Short indicator

The video below talks about the price of bitcoin and its potential prospects, however, it remains relevant as it may affect the price of ApeCoin.

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