ApeCoin’s history is long and complicated. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market’s slump.
The coin’s price has broken through the resistance of a head-and-shoulders pattern, rising to a new all-time high of $5.63. Although this could indicate an impending rise, technical indicators are in favor of the contrary.
The overall trend is neutral as both bears and bulls have not been able make significant gains in APE Coin. A double bottom pattern can also be seen on the coin. The pattern may indicate a continuation in the downward trend.
ApeCoin: ApeCoin is likely to give you strong buy signals
This downward trend has yet to materialize. Following the fall that started on September 13, this current mini-rally for APE Coins may only be temporary.
Recently, there have been both double bottoms as well single bottom reversals. If the price can sustain itself at the level of 78.60 percent fib, investors will be able to reverse the bearish mood. This could lead to more powerful buy signals for market participants.
We anticipate that APE’s price will rise when the crypto market recovers alongside the broader financial sector. And that’s if the cryptocurrency market can ignore the impending bad CPI news and interest rate increase.
The value of alternative cryptocurrencies like APE coin is highly correlated with Bitcoin’s market price. As of writing, this coefficient stands at 0.73. The high correlation between them is a sign of this.
Find Support for Short-Term Performance
The short-term performance of the ApeCoin is “acceptable,” but only with access to real-time data. At the moment, the cryptocurrency has traded above the 78.60 fib level. It is currently trying to gain support at that level. Taking the coin’s track record into account, this may just be a momentary victory.
The APE coin’s value will rise as a result of a general uptick in the economy and financial markets. You can find critical aid between $4.24 to $4.60. These factors are responsible for both price drops as well as price rises that have occurred to the coin.
Price can reach a ceiling at the $4.60 support level before dropping to the $4.24 region. The recovery of APE coins could be hindered if bears breach the $4.24 level.
Recent market data suggests that APE currency shows signs of recovery. In the time span of one hour, the coin had firmly established itself above the 78.60 Fib level. Dealers and investors could gain confidence as the cost drops.
Source: TradingView.com| Source: TradingView.com Pexels Chart, TradingView.com Featured Image This analysis should not be taken as investment advice.