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- 1 ApeCoin price witnessed a breakdown below all the key EMAs suggesting a bearish outlook.
- 2 The ApeCoin price crashed nearly 50% in the last 30 intraday sessions and slid to a six-month low.
The ApeCoin price has crashed after the bulls failed to recover above the 200 day exponential moving average. The correction in the overall crypto market affected ApeCoin crypto severely and the price crashed below the 200 day EMA.
The price performance reveals that the APE crypto has lost nearly 35% in the last seven intraday sessions and lost more than 50% in the last one month. The recent price crash has dragged the price near the six month low value losing even the short term gains.
The daily chart shows that ApeCoin price is trying to stabilize near the October 2023 lows and trying to find a ground. The recent price crash has shifted the short term as well as long term trend outlook towards the bearish side.
The price has fallen below the key EMAs and is showing no signs of recovery at the moment. The key EMAs may act as a dynamic resistance if the price nears it.
As from the current price action the bears seem to have recaptured the high and might try to retain the trend control. Any rise in the short term may be considered as a discounted price for the sellers and the price may resume on the lower side if the selling pressure exceeds. Also, for the bulls to reestablish their claim over the trend, the ApeCoin price needs to conquer the dynamic support of the key EMAs and sustain above it.
ApeCoin Crypto Volume Analysis
The Intraday volume inflow was $52.167 Million which was 27.50% less than the previous day’s volume inflow suggesting a volume drop. With market capitalization at $729.28 Million, APE ranks 100th in the overall crypto market.
The volume to market capitalization of ApeCoin crypto was 7.22% suggesting mild volatility in the crypto. It has 604.89 Million APE tokens in circulation which is nearly 60.49% of the supply. The total supply of ApeCoin is 1 Billion APE tokens.
Technical Indicators Suggest A Weak Outlook
From a technical point of view, the ApeCoin price has dropped below all the key exponential moving averages of 20, 50 and 200 days suggesting the early signs of reversal. The APE price may continue to slide lower if the bulls are unable to make a comeback from the recent support.
Also, the relative strength index line has fallen in an oversold zone suggesting highlighting extensive selling pressure. The RSI line was placed at 27.94 points and SMA line was at 33.60. Also, a bearish crossover of both the lines was observed which indicates that the selling pressure may continue in the short term.
ApeCoin Price Prediction April 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the ApeCoin price could advance to a high of $1.796 suggesting a potential gain of over 53.13%. The lower price target as per the analysts is $0.741 if APE breaks the recent support and six month low value of $1.001.
Conclusion
ApeCoin price has crashed after the bulls failed to hold above the 200-day EMA. The with a 35% drop in seven days and over 50% in a month. Currently, The price has dropped near a six-month low, erasing recent gains.
Furthermore, The bearish trend is evident as the price is below key EMAs, with no recovery signs. Bears may keep control, and any price rise could be a selling opportunity. Bulls need to push ApeCoin above key EMAs to reverse the trend. The RSI indicates strong selling pressure, suggesting the downtrend may persist if bulls don’t step in.
Technical levels
- Support Levels: $1.006 and $0.73
- Resistance Levels: $1.30 and $1.78
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 or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
