Like all other cryptocurrencies, the Apecoin price has been in a downward trend for weeks. However, the past few days have started to show signs that Apecoin could be recovering in the markets.
In today’s trading session, the crypto is up by 7 per cent. The upward move follows yesterday’s strong push to the upside which also resulted in ApeCoin rising by 14 per cent. Today’s trading session is also showing signs of a likely continued push to the upside.
Despite the past few days’ gains, ApeCoin’s price is still down by 34 per cent for the month. The cryptocurrency also lost 66 per cent of its value in May. The drop in price for the two months has mostly been attributed to the current market conditions that have seen the Fed hike rates, inflation rates go up and investors start selling off their cryptocurrency assets.
Despite the recent strong bearish trend, there is a high likelihood that the current gains in the market may be set up for a price recovery. Looking at the chart below, we can see the prices have struggled for days to establish a trend.
However, in the past five days, the bullish trend has emerged as the most likely long-term trend for the Apecoin cryptocurrency. Therefore, my Apecoin Price PRediction expects the prices to continue rising for the next few days. I also expect the prices to trade above the $6 price level again, with a likely $8 price level in the offing.
The bullish trend analysis will also likely coincides with the cryptocurrency industry’s upward recovery. As seen today, when the global cryptocurrency market rose by 4.4 per cent, there is a high likelihood that the improving market conditions may see prices of ApeCoin start to up. However, should the prices retrace back and trade below the $3.4, then my bullish trade analysis will be invalidated. It will also mean a possible bear market.
This post was last modified on %s = human-readable time difference 15:00