- Summary:
- Apecoin Price Prediction: Our Ape coin analysis reveals that the price is currently retesting its 200 MA which may result in a rejection.
Apecoin (APE) price is currently 83% down from its April 2022 all-time high. Nevertheless, after a brutal drop in last year, the cryptocurrency APE coin has made a strong comeback in 2023. Since the start of the year, the price has been up 25.7%. In January 2023, the coin generated 61% gains before having a pullback in the following months.
On Thursday, altcoins are showing a positive price action as the BTC price is trading above $30,000. This also translates into a new 10-month high for the biggest cryptocurrency by market cap. However, the APE coin price is trading sideways today after a 3.59% surge on Wednesday. At press time, the coin was trading at $4.47 after losing 0.44% during today’s trading session.
Ledger Apecoin Quest Coming Soon
According to the latest Apecoin news, the project has partnered with the industry-leading hardware wallet manufacturer Ledger. Both projects are going to launch a Ledger x Apecoin Quest to educate the masses on crypto and NFT security. The announcement was made by the official Ledger Twitter handle, which Apecoin also shared.
As per the market tracking site, Coingecko, the current Apecoin price makes it the 40th biggest digital asset with a market cap of $1.64 billion. Apecoin was airdropped to the holders of the Bored Ape Yacht Club NFTs, and its price has remained highly volatile since then. The cryptocurrency aims to be the native asset of Yuga Labs’ ecosystem, including the Otherside Metaverse.
Apecoin Price Forms Symmetrical Triangle
The Ape coin price chart shows a sideways price action on the lower timeframe. Technical analysis on a higher timeframe reveals a formation of the symmetrical triangle pattern. It is also evident from the following chart that the price has retested its $3.10 support multiple times. This shows that there is a significant demand close to the $3 level.
Apecoin price prediction can flip extremely bullish if the price breaks above the 200 moving average on its daily chart. This MA currently lies at $4.50, and the price is currently attempting to break above it. Rejection from this level may potentially tank the price to $3.5 or back to its $3.10 support. As BTC price is trading at a key resistance, the bearish scenario is more likely to play out for Apecoin.
I’ll keep posting my updated Apecoin analysis in my free Telegram group, which you’re welcome to join.
