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Home»Altcoins»APE traders can go long if this support is retested. This is why…
Altcoins

APE traders can go long if this support is retested. This is why…

2023-10-18No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • ApeCoin has a bullish short-term structure
  • The liquidation levels showed where bulls could go to take long positions and where they could make profits

ApeCoin [APE] has been heading south on the charts since May 2022. There were short rallies that lasted weeks. However, long-term investors have not convincingly returned to the market for a long time. Such a revival could be imminent. This downward trend would likely be fueled by the token unlock scheduled for later in October.


Read ApeCoins [APE] Price forecast 2023-24


A recent technical analysis of ApeCoin by AMBCrypto found that $1.09 was a level to watch out for. It was resistance, but in the past 24 hours prices rose above it again. Can the bulls maintain this move, and how high can they reach?

The momentum in the fourth half was bullish, but the trend in the higher time frame should not be forgotten

ApeCoin

Source: APE/USDT on TradingView

On the 12-hour chart, the move above $1.11 on Monday (October 16) showed bullish intentions. This was in contrast to the strong downward trend on the daily and weekly charts. Therefore, we should consider the possibility that APE could climb higher in search of liquidity before another downturn occurs, rather than starting a true rally.

The four-hour chart above showed a bullish structure to the price action. The Relative Strength Index (RSI) was above the neutral 50, indicating that upside momentum was strong. Moreover, On-Balance Volume (OBV) has also crept higher over the past ten days.

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In the South, the $1.06 region has been a key support since mid-September, despite last week’s decline to $1.01.

The liquidation levels presented an interesting scenario for APE

ApeCoin

Source: Hyblok

The Cumulative Liquidation Levels Delta showed that longs would suffer more from an opposite price movement. Still, interest wasn’t high enough to justify expectations of immediate volatility. That said, there were almost $2 million worth of long liquidations just under $1.08.

Therefore, traders can go long in the $1.05-$1.08 region and target $1.13 and $1.17. This idea would be invalidated if the APE fell below $1.035-$1.04.

ApeCoin

Source: Coinalyse

The big jump in OI over the past 24 hours drew attention to the sentiment of ApeCoin speculators. They showed bullish conviction, but the spot market was only slightly higher. This indicated that the bullish momentum was not being shared by spot APE buyers.


Is your portfolio green? Check the ApeCoin profit calculator


Therefore, a long trade at the aforementioned $1.06 level could see a forward-driven rally towards the next significant liquidation level at $1.17. Still, no rally backed by real demand seemed on the horizon for ApeCoin this week.

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