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ApeCoin price aims for $6 as retail traders bet short

  • ApeCoin price rallied 25% in October.
  • A bullish cross of the 8-day exponential and 21-day simple moving averages is underway.
  • Invalidation of the uptrend potential is a breach below $3.97 thesis can occur if the bulls reconquer $6.35.
  • ApeCoin price has rallied impressively during the last long days of October. still, an additional 25% rally is possible. Key levels have been defined.

ApeCoin price is currently up 25% for the month of October. The Ethereum-based NFT token witnessed a sharp increase in price on October 25 and has been stair-stepping high ever since.

APE price currently auctions at $4.99. The bull has successfully hurdled both the 8-day exponential and 21-day simple moving averages, and now a bullish cross is set to happen while APE auctions are above them. The bullish cross could prompt a rally of equal value to the prior near $6.00 for a 25% gain.

source: tradingview

Despite the powerful uptrend signals, retail tradersseem to be in disbelief of ApeCoin’s potential. As per CoinGlass’ Long-versus Short indicator, throughout the 25% climb, most traders have been positioned short. The indicator could be seen as a contrarian bullish signal. A much larger rally would need to occur to liquidate bears in the market.

Invalidation of the bullish thesis can occurcan if the bears retag the $4.56 swing low produced on October 27. A latter breach could trigger a selling frenzy targeting liquidity levels near $3.00. Such a move would result in a 40% decrease from the current ApeCoin price.

source: CoinGlass 

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