Why ApeCoin’s(APE) NFT Narrative Could Assist Its Rise to $1.90

• APE’s value jumped by 17%, with an analyst suggesting a breakout for the token.
• APE retraced to $1.65 however bulls’ presence might assist its restoration towards $1.90.
• If the overbought situation results in a reversal, then an entry may seem round $1.60. 

Based on crypto analyst Crypto Kaleo, ApeCoin (APE) might quickly escape due to the constructive narrative rising round cryptocurrencies linked to NFT initiatives.  Kaleo made his opinion identified in a submit on X (previously Twitter), noting that the APE may very well be subsequent to observe the trail of Blur (BLUR) and LooksRare (LOOKS).

Within the final 24 hours, the value of APE has elevated by 17.52%, knowledge from CoinMarketCap revealed. 

APE to Reclaim August Excessive?

However in comparison with the efficiency of LOOKS and BLUR, ApeCoin nonetheless lagged behind. Nonetheless, Kaloe defined his bias utilizing the APE/BTC chart. From the chart shared, the analyst highlighted that Excessive Time Body (HTF) has been caught in a downtrend for a lot of the 12 months.

He additionally added that APE would break greater because the cryptocurrency had examined October lows. In flip, ApeCoin had the tendency to surpass the August excessive which was round $1.90. 

“Zooming in $APE/$BTC is presently testing the highs of the October base vary which coincides with the HTF resistance from the downtrend talked about above First goal is a transfer again to the highs of the August vary”, Kaloe famous.

On the time of wrting, APE’s value was $1.65. The APE/USD 4-hour chart revealed that consumers had been in complete management of the market course. This bulls’ presence ensured that APE hit $1.69 earlier than a short retracement to $1.65.

Moreover, the Bollinger Bands (BB) confirmed that the volatility round ApeCoin was rising. The higher band of the BB additionally tapped APE at $1.63 earlier, indicating the cryptocurrency was overbought.

Usually, the overbought situation is meant to set off a drawdown most likely beneath $1.60. But it surely appears bulls aren’t permitting that. Additionally, the Relative Power Index (RSI) studying was 74.65

Readings of the RSI above 70 indicate {that a} token is overbought similar to the BB indicated. However the studying can be an indication that purchasing stress could be very current. Ought to the shopping for stress proceed, the RSI studying might proceed to extend.

If this occurs, then APE may hit the August excessive of $1.90. Nonetheless, merchants might have to be cautious about opening a protracted APE place on the present value. If the APE value reverses, then a very good entry may very well be round $1.60.