ApeCoin has a long and complicated history. When it was first released on March 17th, it was immediately challenged by the same market forces responsible for the entire crypto market crash.
The coin’s price resisted a head and shoulders pattern and rose to a new high of $5.63. This may indicate an upswing to come, but technical signals point in the opposite direction.
Overall, both bulls and bears managed to make small gains in the APE coin, neutralizing the overall trend. There is also a double bottom design on the coin. This pattern may predict a continuation of the current downtrend.
ApeCoin: Strong Buy Signals Possible.
However, this downward trend has yet to materialize. Following the decline that started on September 13, the current APE coin’s minor rally may be a short-lived uptrend.
There is a recent double bottom and single bottom reversal on the APE coin price. The pessimism among investors can be reversed only if the price can sustain itself at the 78.60 percent fib level. The result could be stronger buy signals for market participants.
Along with the broader financial sector, we expect APE prices to rise as the crypto market recovers. And if the cryptocurrency market ignores the bad CPI news coming and interest rate hike.
The value of alternative cryptocurrencies such as APE Coin is highly correlated with the market value of Bitcoin. This number is currently at 0.73 as of writing. The high correlation between the two currencies shows this.
Short-term performance: getting support
ApeCoin’s short-term performance is “acceptable”, but only with access to real-time data. As of this writing, the cryptocurrency is trading above the 78.60 Fib level and trying to find support there. Considering the coin’s track record, this may be a win for the time being.
Due to the general improvement in the economy and the financial market, the value of APE coin will increase. Crucial help can be found between $4.24 and $4.60. Both the fall in the value of the coin and the rise in value have been and are maintained by these two factors.
The $4.60 support level is where the price will find a floor before falling to around $4.24. However, if the bears breach the $4.24 support, the APE coin may recover.
However, according to recent market data, the APE currency is showing signs of recovery. On the 1-hour time frame, the coin is firmly established above the 78.60 fib level. Traders and investors can gain confidence when the price level drops.
APE total market cap at $1.7 billion on the daily chart | Source: TradingView.com Featured image from Pexels, Chart: TradingView.com (The analysis represents the author's personal views and should not be construed as investment advice).