Our Apecoin price prediction is on its way to flipping bullish as the coin has broken out of the downwards trendline. The APE price plummeted to the $3.06 level as Bitcoin price slid below $20,000. Nevertheless, the coin is 58% up from that low and now trading at $4.84. The price is also signalling a double bottom after retesting the lows multiple times.
APE crypto was freely claimable by the holders of Bored Ape Yacht Club NFTs. If you’re interested in buying Apecoin, it is available on all top exchanges like Binance, Coinbase and Uniswap. Apecoin price went on an exponential trajectory during the Otherdeed land sale as the coin hit its all-time high of $26.7.
However, the euphoria was short-lived, and the coin is now 82% below its ATH. Most other altcoins are also trading at just a fraction of their all-time highs due to recent rate hikes by US FED. The downtrend in the global speculative markets is likely to continue as long as inflation keeps increasing.
According to Apecoin news, iconic rappers, Eminem and Snoop Dogg have released a BAYC-themed music video. The video appears to be inspired by the art of the top NFT project.
Technical analysis of APE USD price chart shows a clear break out of the downwards trendline. This line has acted as a resistance quite a few times since May 2022. If the price successfully retests the breakout then $7.22 might become a valid Apecoin price prediction. This bullish target also aligns with the 0.618 Fib retracement level connecting the $9.76 high to the $3.06 low. The invalidation would be a daily closure below the trendline.
It is worth mentioning here that any Apecoin price prediction mainly depends on the Bitcoin price action. If Bitcoin price loses the $20,000 level, then things could turn ugly for altcoins like APE coin. Similarly, in case of continuing the ongoing relief rally, altcoins are likely to keep outperforming Bitcoin in the short term.
This post was last modified on %s = human-readable time difference 13:50