ApeCoin Price Unable to Reach $2; Will APE Bounce Back From $1?

ApeCoin price prediction says the recent downfall in APE is temporary. Buyers are active near the support and are likely to bounce back. 

The sell-off in the overall crypto market indirected impacted the APE crypto. But APE is likely to take support near $1.200. 

APE crypto is struggling to stay above $1.800. Sellers got active and slowly pulled the price downward. They are trying to erode the complete gains of the last three months to show their dominance.

However, till the $1.200 support is safe, it will be difficult for bears to erode the previous gains. The 50 day EMA support was broken, which indicates that the short term trend is now in a downward direction. So, buyers need to be actively present and halt the downfall. 

The sudden decline in APE has spoiled the chart pattern which is raising concerns for its investors. It will be interesting to see how the bulls tackle this situation. Currently, the pair of APE/USDT is trading at $1.447 with an uptick of 3.06%.

Will ApeCoin Price Respect the $1.200 Support?

ApeCoin price is mildly bearish in the short run because sellers are highly active. They are continuously strengthening their grip and no signs of bounce are visible. 

However, the APE is near $1.200 which is a strong support level and last hope for bulls. If this support gets broken, then bears will take over the control and pull the price to new lows. 

After analyzing the price behavior of this crypto, it can be said that buyers will not easily give up. Therefore, bulls are likely to take risks and build long positions.

APE Price is Mildly Oversold; What’s Next?

APE price is mildly oversold and has entered into a consolidation phase. If the consolidation continues for weeks, then the selling pressure might fall slowly. It will indirectly benefit the bulls to halt the downfall and reverse the trend upward. 

Meanwhile, the crypto leaders, ETH and BTC price have bounced back and continue the recovery. So, it may positively impact APE in the coming week.

Conclusion

ApeCoin price prediction is mild bearishness in the short run; the drop is likely to be temporary. APE holds $1.200 support, it’s better to favor bulls and accumulate it for the long term. 

Technical levels

• Resistance Levels: $1.885 and $2.213
• Support Levels: $1.212 and $1.050

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.