ApeCoin Eyes $10 Ahead Of Staking, Could This Be A Bullish Catalyst?

• APE looks bullish ahead of staking as this could be one of the most anticipated stakings in crypto.
• Price reclaims 50 exponential moving average (EMA) on the daily timeframe 
• ApeCoin price breaks out of an asymmetric triangle setting up a bullish scenario

ApeCoin (APE) has seen more turbulent times than a rosy start as its price tumbled from $27 to $4 but could be set for a major run ahead of its impending staking scheduled to start in the fourth quarter of this year. The price of ApeCoin (APE) has shown great strength against tether (USDT) ahead of the staking despite the crypto market faced with price uncertainty. (Data from Binance platform)

ApeCoin (APE) Price Analysis On The Weekly Chart 

Although so much speculation about the price of APE performing so well, like its Bored Ape Yacht Club, Mutant Ape Yacht club, and of course, the sale that generated so much talk in the crypto industry, “the Otherside” land sale. The performance of APE was short-lived as the market continued to see a decline in the price of crypto assets.

The price of APE on the weekly chart got rejected as the price tried breaking above $7.5, with the price falling to a weekly low of $4. The price of APE bounced from that level with what seems to be an area of high demand for the price of APE. 

APE price rallied from this region to $5.7, where it has been faced with resistance to breaking above this region to trend higher. The price of APE needs to break and hold above $6 to resume its bullish sentiment.

A break above $7.5 with what looks like a strong resistance would signal strong bullish movement as the price has been rejected severally from that region.

APE looks bullish ahead of the staking, with the staking acting as the catalyst for APE price movement.

Weekly resistance for the price of APE – $7.5.

Weekly support for the price of APE – $4.

Price Analysis Of APE On The Four-Hourly (4H) Chart Four-Hourly APE Price Chart | Source: APEUSDT On Tradingview.com

The 4H timeframe for APE prices continues to look strong as the price broke out of its asymmetric triangle and closed above it setting up for more bullish movement.

On the 4H timeframe, the price of APE is currently trading at $5.66 above the 50 and 200 Exponential Moving Average (EMA), acting as support for the APE price. The price of $5.2 corresponds to the support at 50 EMA for the price of APE. The price of APE needs to hold the asymmetric triangle to maintain its bullish structure ahead of the staking. 

Four-hourly resistance for the APE price – $6.5.

Four-hourly support for the APE price – $5.2-$4.5.

Featured Image From Boardroom, Charts From Tradingview

by jamesobande on September 21, 2022 at 01:23AM