The beginning of August month has been a good start for almost all of the cryptocurrencies. Bitcoin, Ethereum, Solana, Ethereum Classic along with ApeCoin gained their crucial price levels. Even the global crypto market cap reclaimed the $1 trillion mark.
Since mid-July, the ApeCoin was in a consolidation zone before getting onto the bull ride, yesterday August 3, 2022. At the time of publication, APE Price has gained 9.73% over the last 24hrs and is trading at $7.60.
This latest surge came after Gucci announced that the company will be accepting ApeCoin as a medium of payment. Following this news, the ApeCoin price is enjoying its bull run with a leg up in its trading volume.
Along with other price indicators that are depicting positive signs, social media sentiment too is flashing a bullish indicator.
Will APE Price Drop To $5 In Coming Days?
The Bored Ape Yacht Club’s native currency $APE’s Volume Profile Indicator is not suggesting a positive graph defending the profits. On the other hand, with the ongoing price momentum, ApeCoin bulls are targeting the $10.80 level.
Nevertheless, if bears manage to enter the bullish price action, then the whole momentum will take a U-turn. If this happens, then ApeCoin price action will slide towards $4 or even $3.70, a 50% decrease from the current price levels.
However, if the bulls manage to close today’s daily candle above $7.55, then there is a high possibility that the bears entering the bullish price action will be a void prediction.
According to crypto analyst Altcoin Sherpa, According to Altcoin Sherpa, APE is primed for a rally to $10 before any significant retracements.
The Analyst claim that, “Still mad I never got fully filled on my reloads in the low $5s. This one is continuing to grind up, but I’m still comfy in my entries in mid/high $5s.”