Apecoin (APE) price is giving a bullish reversal signal amid a prolonged sideways BTC price action. In the past few days, APE price has shown a significant recovery after plummeting to its all-time lows. This suggests that the bears are exhausted, and the bulls are taking matters into their control.
However, the process of bullish reversal is still not complete, as the coin is yet to make a higher high on its daily chart. After a 2.8% surge on Monday, Apecoin is having a pullback on Tuesday. At press time, the digital asset is trading at $2.04 after sliding by 0.81%.
Why Is ApeCoin Pumping?
There seem to be multiple fundamental and technical reasons behind the recent recovery in ApeCoin. Firstly, it was recently announced that the Wrech League pioneering Mech NFTs will be minted in APE. This news increased the demand for the digital asset.
Another reason appears to be the bears’ exhaustion after an intense downtrend. ApeCoin price is currently more than 91% down from its all-time high. Therefore, a relief rally totally seems to be on the cards. However, the choppy Bitcoin price action seems to be a major hurdle in any significant upside for the memecoin.
ApeCoin Price Prediction Flips Bullis
In my previous APE price forecast, I mentioned that the price needed to break out of the falling wedge to show some strength. That’s exactly what has happened as the price broke out from the pattern. Usually, the price targets the top of the falling wedge after such breakouts.
For ApeCoin price prediction to flip completely bullish, it needs to close a day above $2.33. This would create a higher high on the weekly chart, breaking the bearish market structure on the higher timeframe. The invalidation of this bullish setup would be a 4H close below the $1.96 level.
I’ll keep posting my updated Apecoin analysis and my personal trade setups on Twitter, where you are welcome to follow me.
