- The price of ApeCoin is trading near $2.092. The 24-hour trading volume was at $87.511 Million.
- The ApeCoinprice is observing a rise of +0.29% in the last 24 hours.
- The ApeCoinyear-to-date return is -42.58%.
ApeCoin is a crypto coin that is inspired by the Bored Ape Yacht Club NFT project, which is a series of digital art featuring apes with different characteristics and backgrounds. It is an ERC-20 token that works on the Ethereum blockchain and can be exchanged on Coinbase. ApeCoin is the governance and utility token of the APE Ecosystem, which is a decentralized network that aims to support the evolution of art, gaming, entertainment, and web3. ApeCoin holders can join the ApeCoin DAO, which is a decentralized entity that controls the ApeCoin DAO Ecosystem Fund. The fund is used to finance projects and initiatives that benefit the APE Ecosystem and its members. ApeCoin holders can also access games, merchandise, events, and services that are provided by the APE Ecosystem. ApeCoin also claims to be a green crypto coin that will help in the preservation of the environment through its projects. Some of these projects include planting trees, supporting wildlife conservation, and promoting renewable energy.
Trend Analysis
Considering trend and price information history, it can be inferred that ApeCoin is in a downtrend. The price has declined -28.54% within a week and we can say that ApeCoin is showing poor performance.
ApeCoin Trading Downwards
Technical Analysis (1D Timeframe)
ApeCoin Price Analysis
EMA20&50: EMA is a type of moving average that places more weight on recent price data than a simple moving average (SMA). It reacts more quickly to price changes and can help identify trends and reversals. The ApeCoinprice is currently below the 20 and 50 EMAs, which indicates that the price will decline in the future. If sellers continue to lower the price, it could drop further in a week. So, selling is suggested.
EMA100 & 200: The price of ApeCoinat present is trading below 100 and 200 EMA which suggests the price could fall shortly. If the sellers continue to push the price downwards, it could fall more in its value within a week. Hence, indicating sell.
MACD: Based on this chart, we can see that the ApeCoincoin is in a downtrend as the MACD line is below the signal line and both are negative and below the zero line. Therefore, it is indicating bearish momentum. The MACD line is at -0.341 and the signal line is at -0.270.
Also, when the signal line gets cut by the MACD line from below, the indicator is considered bullish. Likewise, When the signal line gets cut by the MACD line from above, the indicator is considered bearish. In this case, The MACD line crosses from above to below the signal line, the indicator is considered bearish. Hence, indicating sell.
RSI: The RSI line has been declining and approaching the oversold territory or the oversold level of 30 for the past few days. The 14 SMA has a value of 32.50 points and the RSI line is around 25.64. This indicates that the ApeCoinmarket is in the oversold zone. The RSI is suggesting that the market may be losing steam.
Stoch RSI: The Stochastic RSI fluctuates between 0 to 100, with readings below 20 it is considered oversold and those above 80 reflect overbought conditions. The current %d line is at 2.80 and the %k line is at 3.14. It is indicating that ApeCoin is in an oversold zone.
Supertrend: It is a simple indicator constructed with the help of just two parameters; period and multiplier. At period value 20 and multiplier value 2, it shows signals of buy and sell. As shown in the chart it’s bearish.
A possible technical analysis based on these indicators & trendline:
- Based on these indicators, ApeCoin has been in a downtrend, making lower highs and lower lows.
- The MACD line is below the signal line and below zero, indicating bearish momentum.
- The RSI is indicating bearish pressure and possible oversold conditions. The
- The price is also below all EMAs, indicating strong resistance.EMA’s indicate a bearish trend.
The indicators are all pointing to a bearish scenario for ApeCoin in the short term. However, this doesn’t imply that the price will continue to fall indefinitely. There may be some temporary rebounds or reversals along the way, especially if the RSI reaches oversold levels or the MACD crosses above the signal line.
As per the trendline, it seems it’s respecting both trendlines and it’s taking support and resistance quite well. From the point where it declined from the trendline, it’s been bearish for the past week. For now, we can say it’s taking support on the trendline if the trendline breaks it can go downwards more soon. So, the price of ApeCoin can continue to Fall.
Conclusion
According to the analysis, the indicators are supporting the bears. If the price continues to move under the seller’s control, it is expected to fall shortly from the current levels. Presently, the sentiments of investors and traders are bearish regarding the price of ApeCoin in the 1D timeframe.
Technical Levels:
- The Nearest Support Zone – $1.855 then $1.352
- The Nearest Resistance Zone – is $3.099 then $3.849
Disclaimer
In this article, The views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
