- ApeCoin was trading at $4.31 with an increase of 2.72% during the intraday trading session at press time.
- The 24-hour low of APE was $4.04 and the 24-hour high of APE was $4.36.
- Current ApeCoin token price is below 20, 50, 100, and 200-Day EMAs.
The pair of APE/BTC was trading at $0.0001639 BTC with a dip of 3.45% over the intraday trading session.
ApeCoin price prediction suggests it is currently in an uptrend after the formation of the long-legged doji over the daily trading chart. From the start of 2023, APE coin was moving upward, breaking its primary and secondary resistance on its way up. But as soon as APE coin breached its secondary resistance at $6.018, sellers became hyperactive, pushing the token below its primary resistance of $4.523 which made its previous breakout a false breakout.
The formation of the long-legged doji after a downtrend suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur. This is because equilibrium or indecision means that APE coin is no longer pushing in the direction it once was. Sentiments may be changing. If buyers keep up the momentum, then APE token may break its primary resistance of $4.523.
The coin’s volume has increased by 0.16% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of APE, which represents strength in the current bullish 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 43.21 which is above the average RSI value of 37.56.
The MACD and the signal line are rising and are showing signs of positive crossover over the daily chart which can support the RSI claims.
Conclusion
ApeCoin price prediction suggests it is currently in an uptrend after the formation of the long-legged doji over the daily trading chart. Since the start of 2023, APE has been trying to get stability in the market with the support of bulls. The increase in volume shows positive market sentiment towards APE coin. RSI has increased in the oversold zone and is showing a positive crossover which shows strength in the current bullish trend. This can be a good time for long traders to enter the market.
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.
Source: https://www.thecoinrepublic.com/2023/03/17/apecoin-price-prediction-will-ape-rally-in-2023/