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- 1 ApeCoin price prediction indicates that APE crypto is slipping through an interesting pattern.
- 2 APE crypto is trading below the 20, 50, 100, and 200-day daily moving average.
- 3 ApeCoin cryptocurrency has declined massively, about 63.69% year-to-date.
The ApeCoin price forecast shows a consistent decline in the APE cryptocurrency, as indicated by its daily chart pattern. To help it bounce back from the lower trendline within the parallel channel, APE crypto needs to attract potential investors.
Beginning in June 2023, APE crypto has been steadily moving downward within this parallel channel. ApeCoin price fell from its previous level of $2.78 and is currently dropping below the $1.30 mark. It is crucial for buyers to step in and provide support for the recovery of the APE cryptocurrency.
ApeCoin price was at $1.319, but during the trading session, it saw a decrease in market capitalization by 3.09%. Intraday, there was a notable drop of about 29.78% in trading volume, suggesting that sellers were becoming more active. The ratio of volume to market capitalization was determined to be 6.72%.
Will ApeCoin Price Rise From Ashes?
The expected trajectory of ApeCoin price shows a clear downtrend, depicted by a descending parallel channel visible on the daily chart. APE cryptocurrency faced a decline after attempting to break through the upper trendline within the descending channel. Additionally, APE crypto’s value fell below its 20, 50, 100, and 200-day moving averages.
Observable changes in trading volume indicate that it is currently lower than the usual levels, underscoring the importance of an increase in trading activity during intraday sessions. This potential uptick in trading volume could play a crucial role in shaping the short-term direction of APE crypto.
Over the past week, the price of ApeCoin has declined by approximately 7.44%, and over the last month, it has dropped by about 29.09%. Looking at the preceding three months, APE crypto has experienced a notable decrease of around 53.11%, and over the past six months, it has seen a substantial drop of roughly 65.39%.
In terms of its performance since the start of the year, the price of APE crypto has gone through a significant decline, with a reduction of approximately 63.69%.
Based on technical indicators, it appears that the current price of ApeCoin is in an oversold condition. The relative strength index confirms that APE crypto is situated within the oversold zone. Additionally, the moving average convergence divergence suggests that there is downward momentum in the price of APE crypto.
The RSI is at 28 and is inside the oversold territory. The MACD line is trying to remain above the signal line. Investors in ApeCoin cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
The ApeCoin price forecast shows a consistent decline in the APE cryptocurrency, as indicated by its daily chart pattern. Starting in June 2023, APE crypto has been steadily moving downward within this parallel channel. APE cryptocurrency faced a decline after attempting to break through the upper trendline within this descending channel. Based on technical indicators, it appears that the current price of ApeCoin is in an oversold condition.
Technical Levels
- Support Levels: $1.30 and $1.289
- Resistance Levels: $1.395 and $1.509
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 or stock 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.
