Apecoin (APE) is trending upwards today in line with the broader recovery in crypto. The coin appears to have paired some of the losses we saw in the last few days. But can this renewed bullish momentum push the coin above $10? More details to follow below but first, some highlights:
Apecoin has surged by over 40% over the last 24 hours
The breakout comes after nearly two weeks of negative sentiment around the coin
Reclaiming $10 could pave the way for a decisive run in the near term.
Data Source: TradingView
Apecoin (APE) price analysis
The road towards $10 for APE now seems very plausible. After two weeks of weakness, APE has decisively trended upwards. Although the broader crypto market has recovered from losses over this week, APE is outperforming the market by almost 3 times.
If indeed the current momentum breaks the $10 mark, it will open a new window of opportunity that could allow this NFT-based coin to surge even further. In fact, it is plausible that APE could rally towards its April highs and cross above $20. This will represent gains of up to 200%.
Despite this, it is important to note that this renewed uptrend could just be a normal pullback. After all, the crypto market had crashed over the last few days. It was expected that the downtrend would stop slightly as it always does. If APE is not able to hit $10 in the coming days, we may see more losses again.
Can you profit from APE right now?
APE has performed quite well in 2022. But after hitting highs of around $24, the coin has faced a very steep and costly correction. Right now, APE is still trading at a huge discount compared to its previous highs.
While we are not saying the coin will surge towards $24 in a few days, if you want to hold it for some months, this would be the most ideal time to buy.
This post first appeared on: Coinjournal