ApeCoin [APE] could see some gains toward $5, only if…

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

In September, ApeCoin had a sizeable rally from $4.2 to $6. Measuring nearly 45%, that move took just over two weeks. Since then, the price showed weakness on the charts once again, and in late September slipped below $5.4.

Here’s AMBCrypto’s Price Prediction for ApeCoin [APE] in 2022

The price prediction above shows a bearish projection for the price. Technical analysis also suggested a downward move could unfold over the next few weeks, despite the growing token holder count growing enormously.

Source: TradingView

The aforementioned weakness was exhibited by the break in market structure to see a bearish bias form in late September (marked in yellow). This shift on the 12-hour chart heralded new losses for ApeCoin. It was accompanied by the RSI retesting neutral 50 as resistance. The CMF also slipped below -0.05 a week ago to show significant capital flow out of the market. Meanwhile, the OBV showed a lack of buying volume.

The $5.28 level was retested as resistance before sellers managed to drive prices to the $4.2 support. The strong move downward left a band on the price charts that were left unfilled due to the strength of the move down. Highlighted in red, this fair value gap (FVG) extended from $4.78 to $5.

Of particular importance was the confluence of this gap on the charts with the psychologically important level of resistance at $5. For short-sellers, a retest of the $4.9-$5 zone could offer a selling opportunity with a tight but well-defined risk, and juicy reward to the south.

However, caution was advisable. Bitcoin did not show bullish strength yet, and the $19.6k