While ApeCoin has gained 10 percent in the last 24 hours, analysts have advised traders to be on the lookout for a sudden dip. It could be the beginning of a much larger decline. But bulls want to solidify a daily close and candlestick above the $6 price zone.
ApeCoin was recently trading at $6.12. It has gained 33.53% in the past seven days. Data suggests that the Ethereum-based NFT token would continue on the uptrend but keen attention should be applied to risk management. APE price showed a bearish signal on the relative strength index earlier in the week. There was a strong bearish divergence at a key level.
RSI remains suppressed beneath 70 despite the 10 percent price surge. It shows the need for caution moving forward. Analysts opined that traders would quit if the daily low at $5.29 is pierced. Moreover, a second fall could become a challenge for bulls’ lower liquidity levels. Charts highlight the key levels of interest would be the 21-day simple moving average at $4.89 and last week’s low at $4.49.
Furthermore, quashing of the bearish thesis could arise from a spike above the September high at $6.40. A breach at this level means further upside to challenge the $7 mark. If bulls continue with their persistence, ApeCoin would rise as much as 17 percent.