ApeCoin price prediction is bearish for the short term till APE crypto trades below $2.00. It continues to decline by forming lower low swings and trading near the multi-year low.
APE price faced sharp rejection from $2.00 and selling volume also rose. It shows some crypto whales might have taken an exit from the higher levels.
ApeCoin price is trading below the downward-sloping 50-day and 200-day EMA. It shows that the trend is in a downward direction.
In mid-August, the APE price broke down the crucial support of $1.800. It triggered the negative sentiment and invited further decline. Moreover, the overall crypto market turned bearish which negatively impacted the price of APE and other altcoins.
Presently, the ApeCoin price is trading at $1.098 with an intraday decline of -1.16%. The 24-hour volume to market cap is 19.09%.
The APE/BTC is trading at 0.00004170 with an intraday decline of -0.83%. The price pattern of both the pairs looks quite similar and no signs of recovery are visible.
Will ApeCoin Price Take U-Turn or Decline Further?
ApeCoin price prediction suggests APE price looks oversold so a short-term pullback rally is possible.
Previously, buyers tried multiple times to break out of the 50-day EMA to reverse the short-term trend. However, due to the strong presence of sellers, the attempt was not successful and prices reverted down.
Till the APE price trades below $2.00, it is expected to remain in the bears’ grip. However, if the situation changes and APE buyers somehow manage to break the $2.00 hurdle, then a sharp rise toward $2.500 is possible.
APE Price Fell for Five Consecutive Weeks
APE price fell for five consecutive weeks but still no signs of recovery are visible. The buyers look reluctant to build fresh long positions due to the fear of further sell-off.
Until price action shows any strong signs of trend reversal, investors should avoid injecting money into it.
The MACD curve slopes downward and trading below the zero line indicates bearishness. The RSI at 19 denotes oversold territory so a short-term bounce may arrive anytime.
Conclusion
ApeCoin price prediction is bearish for the short term. But prices are near the demand zone, so a short-term bounce is possible.
The analysis suggests the APE price is in the bears’ grip so the probability of defending the $1.00 support is low.
Technical Levels
- Resistance levels: $1.500 and $2.00
- Support levels: $1.00 and $0.800
