Injective
Pudgy Penguins
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Bitcoin
Celestia
Sui
Derive
- ApeCoin Price Prediction claims that APE Coin is in an extreme downtrend.
- APE coin is traveling in a descending channel which may help the market to recover.
- APE token lost 56.32% over the past year.
ApeCoin Price Prediction reveals a market driven by fear as the prices continue to dip further at dangerous levels. APE coin is trading at $2.148. The market is down by 1.10% in the last 24 hour. The 24 hour volume witnessed a fall of 16.55%. The overall market cap of APE token is $793,763,126.
ApeCoin Price Prediction: Prices travel in a descending channel as they fall
Source: APE/USDT by TradingViewApeCoin is facing bearish dominance which is evident by the falling prices. The daily chart represents a strong downtrend as the prices create a bearish market structure with lower lows The downturn began in January 2023 as the APE coin failed to breach the resistance of $6.3.
ApeCoin Price Prediction shows the market became a victim of aggressive selling which forced the prices to plunge down almost 65%. APE token is getting minor support at around $2. APE Crypto is moving in a downtrend. The bulls may leverage this to escape the bearish grips and create a path of recovery of almost 100%.
A struggle to sustain above key support : Technicals
Source: APE/USDT by TradingViewThe 4 H chart unveils the struggle for bulls as they fight to defend the support levels. Bears won’t allow the APE price to rise. The market is in extreme fear and the selling pressure is due to the investors who are looking to sell at minimum loss. The price has a local resistance at $2.48.
The technical indicators are signaling bearish to sideways market conditions. APE crypto is trading below the 200 EMA while the 9 and 15 EMAs are flat. The Bulls may attempt to break the descending channel but it would require significant efforts from the buyers. A breakdown of this level may lead to a further downfall.
RSI: The RSI indicator is currently at 40.59 on the 4H. It is a bear territory and sellers are in control. The price may continue to decline as long as the value remains below 50.
MACD: MACD is absolutely flat and this represents a lack of momentum and a sideways condition.
200 EMA: On the 4 hour chart, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
ApeCoin Price Prediction reveals a market driven by fear as the prices continue to dip further at dangerous levels. Investors are getting worried as time passes. Amidst the turmoil, a descending channel may ignite some hope. Investors may wait for the breakout of the channel for a potential bullish rally. At present, APE token is extremely bearish and it would be wise to wait for signs of reversals.
Technical levels
Support Levels: $2.00- Support 1
$1.02 – Support 2
Current Price: $2.148
Resistance Levels: $2.45- Resistance 1
$3.00 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
