The 8-day exponential and 21-day simple moving averages are now crossing in a bullish pattern. If the bulls successfully retake $6.35, the upward potential will be invalidated if there is a break below $3.97. The price of apecoin has substantially increased in the last few days of October. However, a further 25% surge is still conceivable. Defined key levels have been used.
The price may increase.
The price of apecoin (1) has increased by 25% in October. On October 25, the price of the Ethereum-based NFT token skyrocketed, and it has been moving upward ever since.
APE is currently being offered for $4.99. A bullish cross is currently anticipated when APE auctions are above the 8-day exponential and 21-day simple moving averages because the bull has effectively overcome both. The bullish cross may cause a rise with a value identical to the preceding one, near $6.00, for a gain of 25%.
What's to be expected?
Retail traders were skeptical about ApeCoin's potential despite the strong upward indications. The majority of traders have been shot during the 25% jump, according to CoinGlass's Long-vs.-Short indicator (2). The indicator could be seen as a bullish contrarian indication. To expel market bears, a significantly stronger rally would be required.
If the bears retag the $4.56 swing low created on October 27, the bullish argument may be false. A latter violation might set off a selling spree that targets liquidity levels around $3.00. The price of ApeCoin would drop by 40% due to such a move.