On November 30, the trading price of ApeCoin (APE) recorded a decline. The data shows that the trading price of APE continued to move in a downward direction.
The bears tried their best to pull the trading price of APE below the $3.73 mark, which is the 20-day EMA. However, the bears were not able to do it, or simply put, the bulls did not let that happen.
Despite the market downtrend and the negative performance of APE, it is a positive sign that the bulls did not let the bears do as they pleased.
The bears were not able to pull the price of APE as low as they wanted to. It is currently unclear which side the price of APE may move in the upcoming days.
At the moment, analysts are expecting the price of APE to move in either direction. For now, it has become clear that the demand for APE is rising at lower levels.
This is the reason why the bulls have been able to push the price of APE over the 20-day EMA.
The Moving Averages and the RSI are Turning Bullish
Although there is uncertainty about the movement of APE, the technical indicators seem to be siding with the bullish sentiments.
The 20-day EMA for the digital asset is moving in the upward direction, as its value is gradually rising. The RSI for APE is also moving in the bullish zone. It is currently in the positive zone, supporting the bulls.
If these technical factors keep leaning towards the bullish side, then the trading price of APE may continue surging. More investors may continue entering the rally and the price of the asset may rise significantly.
APE’s Surge to $6
If the bulls keep gaining confidence from the technical indicators, then the price of APE may continue to rise as well. At the time of writing, APE’s price is below the $4 mark, trading at $3.94.
If the momentum keeps building, then the asset’s price may surge over the $4 mark. The bulls may face strong resistance from the bears at $4.50 but if they continue buying more APE, it may surge over $5.
As more investors keep joining the bullish march, then the trading price of APE may rise to a high of $6, and then continue with its climb.
Potential Dip to $3
On the other hand, if the bears grow stronger than the bulls, then they may once again pull APE’s price below $3.73. However, this time the plunge and the bearish movement may continue.
This would cause the price of APE to continue falling, bringing it below the $3.50 mark. If the selling spree continues, then the bulls will lose their buying confidence.
If that happens, then the trading price of APE may fall to $3 and then the price of APE may continue falling lower.