ApeCoin (APE) Shows Signs Of Recovery, But Mini-Rally Could Be Short-Lived
18 September 2022 - 07:20PM
ApeCoin has had a long and complex history. When it was first
released on March 17, it was immediately put to the test by the
same market forces that were responsible for the general crypto
market’s slump. The coin’s price has broken through the resistance
of a head-and-shoulders pattern, rising to a new all-time high of
$5.63. This may portend an impending upswing, but technical signs
are pointing in the opposite direction. Overall, both bulls and
bears have been able to make little gains in APE coin, making the
overall trend neutral. There is a double bottom pattern on the coin
as well. This pattern could foretell a continuation of the current
downward trend. Related Reading: AVAX Price Rebound Fails To Breach
$22 Resistance Due To High CPI Data ApeCoin: Robust Buy Signals
Likely However, this downward tendency has not materialized, yet.
The current APE coin mini-rally may be a short-lived upsurge
following the decline that began on September 13. There have been
double bottoms and single bottom reversals in the price of APE coin
recently. Bearish feeling among investors can only be reversed if
the price is able to sustain itself at the 78.60 percent fib level.
The result may be more robust buy signals for market participants.
We anticipate that APE’s price will rise when the crypto market
recovers alongside the broader financial sector. And that’s if the
cryptocurrency market can ignore the impending bad CPI news and
interest rate increase. The value of alternative cryptocurrencies
like APE coin is highly correlated with Bitcoin’s market price.
This coefficient is now at 0.73 as of this writing. A high degree
of correlation between the two currencies indicates this.
Short-Term Performance: Finding Support The short-term
performance of the ApeCoin 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 attempting to find support there.
Taking the coin’s track record into account, this may just be a
momentary victory. The APE coin’s value will rise as a result of a
general uptick in the economy and financial markets. Critical aid
can be found between $4.24 and $4.60. Both the price drops and
price increases that the coin has seen have been maintained and
sustained by these two factors. The $4.60 support level is where
the price can find a floor before falling to the $4.24 area.
However, the recovery of APE coin may fail if bears also break
through the $4.24 support. However, recent market data indicates
that APE currency is showing signs of recovery. At the 1-hour time
frame, the coin has firmly established above the 78.60 fib level.
As the cost levels off, dealers and investors may gain confidence.
Related Reading: MANA Under Sideways Motion In The Last 4 Months
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).
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