- ApeCoin price shows a bounce that breached the four-day downtrend, signaling the intention to move higher.
- Investors can expect APE to rally 22% and tag the one-hour supply zone, extending from $14.23 to $15.98.
- A daily candlestick close below $10.64 will invalidate the bullish thesis.
ApeCoin price has shown a major technical confluence of bullish signal that forecasts that good things are bound to happen. Moreover, the crypto market shows good health, making this run-up possible.
ApeCoin price to make a bullish move
ApeCoin price has been on a downtrend since its peak at $17.46 was marked on March 18. A failed attempt set a lower high at $15.58 was witnessed and it has crashed roughly 31% since then. From April 11 to April 14, APE tried to rally again but failed due to the prevailing market conditions.
As a result, ApeCoin price went on a four-day downtrend producing lower highs. Over the last 24 hours, APE has rallied 11% and put an end to this downtrend. Interestingly, the altcoin formed a higher low between April 11 and April 19 while the Relative Strength Index (RSI) produced a higher low, indicating a hidden bullish divergence.
This technical formation suggests that the momentum is rising, hinting that the upcoming move will propel ApeCoin price higher. Therefore, investors can expect APE to rally 22% and tag the $14.43 hurdle, which is present inside the one-hour supply zone, extending from $14.23 to $15.98.
APE/USDT 4-hour chart
Supporting this uptrend forecast for ApeCoin price is the recent accumulation of whales holding 100,000 to 1,000,000 APE tokens. These wallets have increased their holdings from 3.6% to 3.9% since March 28.
This uptick in their holdings indicates that the whales have been accumulating the dip and that they are bullish on the performance of altcoin.
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APE supply distribution chart
A daily candlestick close below $10.64 will invalidate the bullish thesis for ApeCoin price by producing a lower low. This move could further invite bears, triggering a 10% crash to $9.64. Here, buyers could accumulate APE at a discount, form a base give the run-up another go.
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