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- 1 The oscillators are indicating the APE price is trading near the demand zone
- 2 The oscillators are indicating the APE price is trading near the demand zone
APEcoin is a decentralized project inspired by the Yuga lab’s bored ape yacht club project which was founded to be used within the escalating APE ecosystem by the APE foundation. It also gives access to certain parts of the ecosystem that are otherwise unavailable like exclusive games and services. The market sentiments are currently trading at neutral levels at 51 points which has increased by 1 point since yesterday according to the Alternative(dot)me that measures market sentiments. The current price is $5.00 with a change of -26% in 24-hour trading volume.
APE price making a double bottom pattern
The Apecoin(APE) is used in the APE ecosystem as a utility token that offers governance rights and empowers the decentralized community building at the leading edge of web3. APE coin holders can vote on how the APE coin DAO ecosystem fund should be used. 62% of all Apecoin was allocated to the Ecosystem fund, which will support community-driven initiatives as voted on by Ape coin DAO members.
The market is currently trading within the dominance of sellers which is also being projected on the APE coin where the sellers are overwhelming the market by 54 – 62% according to the site coin glass which provides information regarding cryptocurrency.
APE price making a double bottom pattern
As illustrated in the above chart APE coin is trading just above the 200 EMA and 100 EMA while the 50 EMA and 20 EMA are trading above these major averages. After making a correction of 16% APE price is consolidating above the 200-day EMA which is a major support level. If the price makes a rebound from this level with a bullish engulfing candle chances are that the price might give a rally of 20% or more.
The RSI line is consolidating below the median line near the demand zone around 43.22 points while taking resistance from the 14 SMA which is trading around 43.28 points.
Conclusion
The APE price is trading on an up trend above the 200 EMA. It is currently trading near its support level which is around the price of $4.912 while its next support level is around the price of $4.754. Although the current resistance for Ape coin is around $5.218 while its major resistance is around the price of $6.000 which is 20% above the current price
Technical levels –
Support – $4.912 and $4.754
Resistance – $5.218 and $6.000
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
