Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The October recovery hit a crucial breaker block and hurdle at $1.12
- The hurdle was a high liquidation zone and could lead to a strong price reaction.
ApeCoin’s [APE] press time value of $1.12 sat on a crucial roadblock and high liquidation level that could set the play-to-earn token to a strong price reaction.
Read Apecoin [APE] Price Prediction 2023-24
However, APE has been at the level for three days – A market indecision that called for patience from players.
A recent short-term price analysis of APE marked out $1.7 as a bullish target for near-term bulls. The projection was yet to be tested, and immediate liquidity sat on the upper side at the time of writing. However, this hurdle couldn’t be overlooked.
Can bulls crack this hurdle?
Source: APE/USDT on TradingView
A Fib tool was plotted between the recent highs and lows at $1.305 and $0.993, respectively. Based on the tool, the 38.2% Fib aligned with the H12 breaker block of $1.10 – $1.13 (red).
APE printed market indecision at the above confluence and overhead hurdle at $1.12, as indicated by the area’s almost equal green and red candlesticks.
But price chart indicators inclined towards extra bullish moves to 50% Fib level ($1.15) or $1.18. In particular, APE’s market recorded an impressive recovery in capital inflows, as shown by the northward movement of the CMF.
Spot market demand also improved as demonstrated by the positive OBV in October.
However, the RSI improved but registered fluctuations above 50 in the past few days. It indicated that buying pressure spiked but later wavered. A retracement from the $1.12 hurdle could force buyers to consider the $1.067.
Will the liquidity hunt stop at $1.12?
Source: Hyblock Capital (APE Liquidation map on the 12-hour chart)
According to Hyblock Capital, key high liquidation levels existed at $1.12 and $1.06, as shown by the orange areas. It meant that ApeCoin could see a strong price reaction at these levels. Based on the price chart’s Fib tool, the levels are immediate hurdle ($1.12) and support (1.06).
How much are 1,10,100 APEs worth today?
Source: Hyblock Capital
Further evaluation of Liquidation Levels revealed liquidity was on the upside, specifically at $1.14 and $1.15. Given the bullish market bias, as shown by the negative CLLD (Cumulative Liquidation Level Delta), APE could attempt to stretch to $1.15 (50% Fib level).
So, the 38.2% and 50% Fib were potential APE price reversal levels.