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Apecoin (APE) is trending upwards today in line with the general recovery of the cryptocurrency. The coin seems to have made up for some of the losses we’ve seen over the past few days. But can this renewed uptrend drive the coin above 10 USD? More details will follow below, but first some highlights:
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Apecoin has increased by over 40% in the last 24 hours
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The breakout comes after almost two weeks of negative sentiment around the coin
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Reclaiming $10 could pave the way for a decisive run in the short term
Data source: TradingView
Apecoin (APE)-Price Analysis
The path towards $ 10 for APE now seems very plausible. After two weeks of weakness, APE has been trending decidedly upwards. Although the broader crypto market has recovered from the losses this week, APE is outperforming the market by almost three times.
If the current momentum actually breaks the $10 mark, a new window of opportunity will open that could allow this NFT-based coin to rise even further. In fact, it is plausible that APE could rise towards its April highs and climb above $20. This will represent profits of up to 200%.
Nevertheless, it is important to note that this renewed uptrend could just be a normal pullback. After all, the crypto market had crashed in recent days. It was to be expected that, as always, the downtrend would be easily stopped. If APE is unable to reach the $10 mark in the coming days, we could see more losses again.
Can you benefit from APE now?
APE has developed quite well in 2022. However, after reaching highs of about $ 24, the coin had to accept a very steep and costly correction. At the moment, APE is still trading at a big discount compared to its previous highs.
We are not saying that the coin will climb towards $ 24 in a few days, but if you want to hold the coin for a few months, this would be the ideal time to buy.
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