As per insights shared by cryptocurrency analyst Crypto Kaleo, there’s a rising positive sentiment surrounding NFT-linked cryptocurrencies, indicating a potential breakout for ApeCoin (APE). Kaleo expressed this view on X (formerly Twitter), drawing parallels to the trajectories of Blur (BLUR) and LooksRare (LOOKS).
Recent data from CoinMarketCap discloses a noteworthy 17.52% increase in APE’s price within the last 24 hours.
Despite this upward movement, ApeCoin still trails behind the performance of LOOKS and BLUR. Kaleo, however, justified this lag by referencing the APE/BTC chart. He pointed out that the High Time Frame (HTF) has been consistently in a downtrend throughout most of the year.
Kaleo anticipates a reversal for APE, citing the cryptocurrency’s test of October lows as a potential catalyst. This, he suggests, might propel ApeCoin to surpass its August high, which stood at approximately $1.90.
Examining the $APE/$BTC chart, Kaleo noted that the cryptocurrency is presently testing the highs of the October base range, aligning with the HTF resistance from the earlier-mentioned downtrend. His initial target is a move back to the highs of the August range.
As of the latest update, APE’s price is $1.65. The 4-hour APE/USD chart indicates buyer dominance, pushing APE to $1.69 before a brief retracement to $1.65.
Moreover, the Bollinger Bands (BB) suggest heightened volatility around ApeCoin, with the upper band touching APE at $1.63, signaling overbought conditions. Although such conditions typically trigger a drawdown, the bullish momentum is preventing a decline below $1.60.
The Relative Strength Index (RSI) reading at 74.65 corroborates the overbought status, yet implies sustained buying pressure. If this continues, APE might attain the August high of $1.90. However, cautious consideration is advised for traders, as a potential entry point could be around $1.60 should APE’s price reverse.
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