Is it Too Late to Buy ApeCoin? APE Price Rallies 10% in a Week But Global Investors are Stacking This Other Meme Coin Instead – Here's Why

cryptonews.com:

As altcoin markets continue to slide south, ApeCoin ($APE) is not exception, with APE holders enduring a -67% decline since January - but a small rally is offering a glimmer of hope.

ApeCoin appears to be surging out of the pits of despair as a +10% rally this week has breathed much needed life into months of cascading price action.

Following the push-up, Apecoin is now trading at a current price of $2.12 (a 24 hour change of -0.05%) as price action moves into a marginal retracement.

With price action seemingly forming a double-bottomed pattern of technical support, the +10% move since Friday 14 seems to be igniting a wave of excitement among long-suffering holders.

And better yet, in a dramatic move, the push up has seen ApeCoin reclaim strong support above the descendant 20DMA - signalling potential footing for a recovery rally could now be on the cards.

With lower trendline support triggering the bounce, attention now shifts to the 200DMA - which remains high above price action around $4.00.

However, there could be a need for consolidation at this level as APE's RSI heated-up quickly on the latest move - surging up to lose bullish divergence at 50.71.

Despite the overheating RSI, the MACD indicator provides more reasons to be cheerful, shifting to signal bullish divergence at 0.038.

The consequent risk: reward structure is alluring, with an upside target at the higher price level around $3.35 (+57%) and downside risk minimal at $1.80 (-14.8%).

This leaves ApeCoin with a risk: reward ratio of 3.85 - suggesting a good entry - that is certainly not too late to enter.

Have you ever wondered what it would be like to own an entire Bitcoin? Sat on the side-lines watching BTC making yet another all-time high, pondering how much you