ApeCoin Price Prediction: Bulls Need To Hold This Level

Summary:

According to our ApeCoin price prediction, bulls need to hold the $4 price level or things could turn really ugly.

Our ApeCoin price prediction depends on the bulls’ ability to hold the $4.7 price level. A break below this level could send the price to its June lows. On the daily chart, the price has broken below the upwards trendline, bringing bears back in the game. Nevertheless, there’s still hope for the bulls as the price hasn’t marked a lower low.

Cryptocurrency ApeCoin surged to $7.8 from its June low of $3.06 within a few weeks. This translated into a gain of almost 160% for the bottom buyers. However, the bulls lost momentum after reclaiming the June highs, and the price plummeted. You can invest in APE by signing up on a top crypto exchange like Binance.

ApeCoin price is 4.65% down from yesterday. Currently, the price is trading at $5.11 after making a lower high of around $5.6 at the start of the week. On the higher timeframe, the APE coin is more than 80% down from its April 2022 all-time high of $26.70.

According to ApeCoin news, the top NFT marketplace Rarible has pitched a proposal for a no-fee marketplace for ApeCoin users. Other marketplaces like Magic Eden and Snag Solutions have also submitted their proposals. However, it is up to the ApeCoin community to decide in which direction to go.

ApeCoin Price Prediction

Technical analysis of the APE USD price chart depicts a break below the upwards trendline. After the breakdown, the price has found some support around the Fib golden pocket area of $4.75. A daily closure below this level, together with a lower low than $4.18, would be very bearish. To avoid a bearish outlook, bulls need to push the price above the trendline once again.

ApeCoin price prediction would be extremely bearish if the price breaks below the $4 level. The reason is very little price history below this level. Therefore, in such a scenario, bears could easily target new lows. To avoid getting stuck in a long trade, it is better to put a stop loss around the $4.18 level.