ApeCoin Price Prediction: Will APE Crypto Fall More?
- ApeCoin was trading at $4.18 down 0.72% during intraday trading at press time.
- The 24-hour low of APE was $4.16 and the 24-hour high of APE was $4.22.
- The current ApeCoin token price is below the 20, 50, 100 and 200 day EMAs.
The APE/BTC pair was traded at 0.0001498 BTC with a fall of 0.25% during the intraday trade.
From the beginning of 2023, the APE coin showed an upward trend, surpassing both its primary and secondary resistance levels. However, when the APE coin breached its secondary resistance at $6,018, the market saw an increase in selling activity, causing the token to fall below the primary resistance level of $4,523. This resulted in the previous outbreak being deemed false.
When a long-legged doji appears after a downtrend, it indicates that the balance between supply and demand is approaching an equilibrium point, which could result in a potential trend reversal. This is due to the fact that a state of indecision or equilibrium suggests that the APE coin is no longer moving in the direction it was before, which can be a sign of changing sentiments.
ApeCoin price prediction suggests that if the token succeeds in breaking out of the consolidation phase with the help of buyers, it could show a bullish rally on the chart. This means that APE’s price could potentially rise in the near future if there is enough demand from buyers to drive the price up.
In the last 24 hours, there has been a decrease of 32.69% in the volume of the coin, indicating an increase in the number of sellers. This indicates that the sellers are doing their best, and also highlights the correlation between volume and the price of the APE, which demonstrates the strength of the current bearish phase.
What does ApeCoin price technical analysis show?
The RSI bounced off the oversold region, producing a positive crossover indicating that buyers are rallying at the lower levels. The current value of RSI is 46.90 which is above average RSI value of 46.39.
The MACD and signal line are rising and showing signs of positive crossover over the daily chart contradicting the RSI claims.
Conclusion
Based on the current analysis, ApeCoin’s price has traded at $4.18 with a decrease of 0.72% during the intraday trading session. The token has been below the 20, 50, 100 and 200-day EMAs. The technical analysis of ApeCoin’s price suggests that if the token succeeds in breaking out of the consolidation phase with the help of buyers, it could show a bullish rally on the chart. The recent decrease in the volume of the coin, indicating an increase in the number of sellers, suggests the strength of the current bearish phase. The RSI has returned from the oversold region, indicating that buyers are rallying at lower levels. However, the MACD and signal line contradict this claim, as they are rising and showing signs of a positive crossover across the daily chart.
Tech Levels-
Resistance Level- $4,523 and $6,018
Support Level- $3,342 and $2,817
Disclaimer-
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
