ApeCoin Price Prediction: Can APE’s 33% Gain Break Next Resistance This Week?

ApeCoin price reclaimed nearly 33% in the last 10 days.
Hourly RSI demonstrates correction in ApeCoin price.
The Super Trend indicator is constantly expanding higher with the green zone.

ApeCoin piqued the interest of investors and speculators by outperforming the crypto market. OKLink, a multi-chain explorer, recently reported a rise when volumes reached 92.1 million. Staking activity has been consistent at above 90 million, with a current APE of 92.3 million, worth $450.4 million at actual rates.

The price action of ApeCoin looks strong towards higher prices. Amidst the collapse of FTX, APE investors saw a 6-month low at $2.618. As of now, it has become an important demand area if the price of ApeCoin drops. However, investors are celebrating the rise in APE crypto prices in January.

The beginning of 2023 is favorable for a market rally, as the price of AppCoin has increased by more than 33% so far in January. Later, the hourly price action shows a slight downside in the market as the crypto price is pulling back. This retracement phase could pull the asset towards the green zone of the Super Trend indicator. Similarly, the RSI gradually declines towards the semi-line (50 mark).

At the time of writing, ApeCoin price is trading at $4.82 against USDT. Today’s decline is caused by significant resistance in the $5.2 to $5.3 area. Meanwhile, the crypto lost 3.07% in price when the market capitalization was recorded at $1.75 billion.

Buyers have a horizontal support to reverse the crypto price. Despite today’s retracement, APE price still remains above the previous swing low.

Fortunately, buyers kept ApeCoin price above all-important moving averages on the daily price chart. For the past three days, the bears have often failed to break the 200 DMA.

The Moving Average Convergence Divergence (MACD) is in the positive zone. Similarly, the ADX stands at 34, which shows the strength of the bullish trend.

Conclusion

ApeCoin price (APE) is well above the 200-day moving average due to today’s correction. Buyers are defending this area, but a breakdown could still present selling opportunities for the bears.

Support level – $4.0 and $2.8

Resistance level – $5.30 and $6.50

Disclaimer

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