ApeCoin (APE) May Extend Upside Retracement Despite Facing Rejection

For about five trading sessions till now, bulls in the APEUSDT daily market have consistently been offering buyers some profits. Nevertheless, the ongoing session has seen more profits recorded than the previous trading sessions. But at this point, downward forces are already mounting resistance against further price increases; will the bulls come on top once more?

APE Statistics: 
ApeCoin Value Now: $2.007
ApeCoin Market Cap: $734,795,296
APE Circulating Supply: 368,593,750
ApeCoin Total Supply: 1,000,000,000
APE CoinMarketCap Ranking: 55

Major Price Levels:
Top: $2.007, $2.500 and $3.000
Base: $2.000, $1.500, and $1.000

ApeCoin Looks Strong Enough to Advance Toward a Higher Price Level

Going by the behavior of price action on the ApeCoin daily market, it appears that buyers are still likely to extend the price upside correction. Price action started gaining traction five trading sessions ago. However, the momentum was quite weak then. As trading continues, it appears that buyers grew more confident and kept on buying. In the ongoing session, upside momentum seems to have strengthened, going by the size of the last price candle.

Price action can be seen above the green set of the Guppy Multiple Moving Average (GMMA). Meanwhile, the Moving Average Convergence Divergence (MACD) indicator continues to show that price upside potentials are in good shape. This is displayed as the lines of the MACD are above the equilibrium level and are rising steadily upward. As a result, this hints that the upside correction still has a good chance of extending.

APE Buyers Are Being Challenged by Downward Forces

APEUSDT price action maintains bullish characteristics, even on the 4-hour market. Trading activities in this market continue to occur at a significant distance above the two sets of the GMMA indicator curve. Also, the lines of the MACD indicator retain their upward bearing. Also, the histogram bars of this indicator continue to increase in length while possessing a bullish appearance.

Nevertheless, the ongoing session has presented minimal bullishness, as a red price candle appeared off the resistance at the $2.015 price level. Consequently, this has corrected prices to the $2.007 mark. Technically, unless more traders switch to the bear’s side of the market, bulls still have the potential to cause further price increases. Therefore, traders can hold on to their prediction that price action may advance toward the $2.100 mark.

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