- APE price still faces challenges moving past the crucial resistance zone at $13.
- The alt has resolved two trade ideas noted yesterday.
- Another long opportunity exists, but downtrend risks remain a concern.
ApeCoin (APE) maintained sideways actions on Saturday, hovering inside the $13.80 – $12.40 price range. Bulls attempted a breakout on Friday, but a rejection saw the token down again. Nevertheless, bears were unwilling or unable to capitalize on APE’s weakness. So, indecision remains the narrative for the crypto.
ApeCoin Forms Massive Bullish Reversal Setup on Point & Figure Chart
APE price exhibited two intraday patterns (a short and a long one) on the $0.20/three-box reversal Point & Figure chart during the Friday session. The long entry emerged and pushed up two boxes but returned lower to hit the break even’s trailing stop. The long entry developing first invalidated the short side. Now, ApeCoin bulls have another long opportunity.
The theoretical entry for the APE price is the $13.20 buy-stop order, $12.60 stop-loss, and $15.20 profit target. The trade has 3.33:1 as reward risk. Moreover, the setup comes from Point & Figure formation’s entry, the Bearish Fakeout.
The trade will fade if the O-column drops towards $12.20 before the token trigger the ‘long entry.’ A 2 to 3-box trailing stop for the alt’s price would help guard profits secured post entry. Meanwhile, the indecision and whipsaws make sense from an Ichimoku viewpoint.
ApeCoin has its price within the four-hour Ichimoku Cloud. The Cloud represents congestion, fakeouts, volatility, and other pessimistic trading activities.
Furthermore, trading accounts die within the Ichimoku Cloud until a decisive breakout past the Ichimoku Cloud near $14 or beneath the Ichimoku at $12.60. For now, APE enthusiasts can expect continued painful trading actions.
While publishing this content, Apecoin traded at 412.73, following a 2.68% drop within the previous 24 hours. The token appears weak, and the condition might persist until APE overpowers the $13 resistance zone.
Though the latest movements provided another long opportunity, downward risks remain a concern for APE enthusiasts. Nevertheless, broad market sentiment remains critical in ApeCoin’s upcoming trends.
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Editorial credit: David Esser / shutterstock.com
