Our previous Apecoin price prediction has played out exactly as predicted. The price retested its $5.29 support and faced another rejection. Consequently, the price has formed a head & shoulders pattern. APE price has even broken down below the neckline signalling that the bears are gaining momentum.
The APE coin broke out of the downtrend on the 4-hour chart after tagging the lows of $3.06 in June. However, the price faced multiple rejections from the $5.3-$5.5 level and lost its momentum. As a result, the cryptocurrency of the Bored APE NFTs is now trading at $4.42 and retesting its $4 support. The multiple rejections have made our Apecoin price prediction bearish once again.
According to official Apecoin news, the weekly transparency report is out now. The report provides updates on AIPs, proposals, and other DAO news. Since the last report, 3 AIPs (Ape Improvement Proposals) have been sent for administrative review. Out of these 3 proposals, 2 returned for reconstruction while one is still pending review.
Cryptocurrency Apecoin was claimed for free by the holders of Bored Ape Yacht Club NFTs. Its price went on a parabolic trajectory leading up to the Otherdeed land sale by YUGA labs in April 2022. However, the coin has been in a severe downtrend since then and is more than 83% down from its all-time high of $26.7.
Technical analysis of APE price chart shows a formation of head & shoulders pattern on the 4-hour timeframe. After breaking down below the trendline, the price is currently retesting the breakdown. In case of a confirmed breakdown, the price could retest its June lows. This Apecoin price prediction is in alignment with the measured move of the head & shoulders pattern.
If Bitcoin price shows a nice recovery and Apecoin breaks above the H&S neckline then our price analysis would need to be updated. However, in the current scenario, this seems to be quite unlikely as the Bitcoin price is back below $20,000 after the recent CPI report.
If you’re trading in these tough market conditions then it is always convenient to have more trading tools at your hand. InvestingCube’s S&R Level has proved to be one of the most accurate indicators in current market conditions. You may subscribe to S&R levels to get notified about the latest trade setups along with potential targets and stop losses.
The Apecoin price analysis of S&R levels is also bearish as it is giving a short setup. The 1st target of this short is the $3.96 level which matches our LTF support. The stop-loss for this trade should be $4.85. You can trade this setup on exchanges like Binance, Coinbase and Kucoin where Apecoin is listed.
This post was last modified on %s = human-readable time difference 09:10