- ApeCoin was trading at $4.18 with a decrease of 0.72% during the intraday trading session 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 20, 50, 100, and 200-Day EMAs.
The pair of APE/BTC was trading at 0.0001498 BTC with a dip of 0.25% over the intraday trading session.
Starting from the beginning of 2023, the APE coin showed an upward trend and surpassed both its primary and secondary resistance levels. However, when the APE coin exceeded its secondary resistance at $6.018, the market saw an increase in selling activity, which caused the token to drop below its primary resistance level of $4.523. This resulted in the previous breakout being deemed false.
When a long-legged doji appears following 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 could be a sign of changing sentiments.
ApeCoin price prediction suggests that if the token successfully breaks out from its consolidation phase with the help of buyers, then it may 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 upwards.
Over the past 24 hours, there has been a 32.69% decrease in the volume of the coin, suggesting an increase in the number of sellers. This indicates that the sellers are putting in their best efforts, and also highlights the correlation between volume and the price of APE, which demonstrates the strength of the current bearish phase.
What does ApeCoin Price Technical Analysis Show?
RSI bounced off from the oversold region, giving a positive crossover which indicates that the buyers are accumulating at the lower levels. The current value of RSI is 46.90 which is above the average RSI value of 46.39.
The MACD and the signal line are rising and are showing signs of positive crossover over the daily chart which contradicts the RSI claims.
Conclusion
Based on the current analysis, ApeCoin’s price has been trading 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 successfully breaks out from its consolidation phase with the help of buyers, it may 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 bounced off from the oversold region, indicating that buyers are accumulating at lower levels. However, the MACD and the signal line contradict this claim, as they are rising and showing signs of a positive crossover over the daily chart.
Technical Levels-
Resistance level- $4.523 and $6.018
Support level- $3.342 and $2.817
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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 monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/09/apecoin-price-prediction-will-ape-crypto-slump-more/