Ape price prediction indicates that bears are entering the market on the one day chart. According to price action, the Ape token can see a slight decline in its value within the near future. Investors’ sentiments are presently being influenced by the bearish turn in the major cryptocurrencies which is followed by the overall crypto market.
Per the historical price acṭion, the Ape price has been moving in a bear trend under the crucial EMAs. It recently saw a major fall of 34% and is expected to see a further decline unless a significant bullish move is observed in the general crypto market or a piece of good news boosts the buyer’s morale.
At present, there is a high probability of a slight correction according to price action, market structure, volume sticks, oscillators, and EMA levels. The technical indicators suggest that 4 parameters are in the Bears’ favor which provides an edge to the short sellers.
Ape price is currently trading at $0.29 with a 16% rise in the 24-hour trading volume and has a market cap of $238.67 Million.
ApeCoin Price Prediction: Technical Analysis of ApeCoin On Daily Chart
In the weekly timeframe, ApeCoin is moving within a narrow consolidation phase after making a downtrend. It is moving just above the demand zone where the price is making a descending channel or a descending flag. The descending flag is a bullish pattern whereas the oscillators are also indicating that ApeCoin is underbought which might entice the buyers to enter the market.
Hence in the longer timeframe, the price action is bullish which might change the sentiments of investors in the market. Investors might prefer to wait for a bullish crossover before stepping in.
Ape Price Prediction: Technical Analysis of Ape Price On Daily Chart
The RSI line recently crossed below the 14 SMA which strengthens the possibility of a correction. The RSI line is moving near 41.76 points and the 14 SMA provides resistance at around 44.85 points.
Stochastic RSI is intercepting the median line. The stochastic RSI and the RSI are giving bearish indications on the daily timeframe. The present value of stochastic RSI is 41.68 points.
Conclusion
According to the analysis, the price will need buyer support to resume a bull trend and the weekly timeframe indicates that the buyer’s ambitions may come true even though the stochastic RSI and the RSI oscillators are giving bearish indications on the daily timeframe. Ape price can make a correction of 12 % in the near future with the sellers’ influence.
Technical levels
Support – $1.700
Resistance – $2.100
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/26/ape-price-prediction-the-ape-price-might-make-a-slight-correction/