Our Apecoin price prediction depends on the price action within the next few days. Cryptocurrency Apecoin has failed to reclaim the $7.5 after multiple attempts. Consequently, the bears are gaining momentum once again. The price has broken the uptrend on the daily timeframe and now trading at the lowest level in 4 weeks.
At the time of writing, the APE coin price is trading at $5.33. The price dropped by 7.6% during Friday’s trading session as BTC took a nosedive. Crypto markets tumbled during the Asian hours as the swing traders booked their profits. While the charts indicate a change in market structure, many analysts still consider it a good buying opportunity.
Altcoins enjoyed a decent relief rally within the past few weeks. Apecoin price surged from its June low of $3.26 to $7.80 during this rally. However, the $7.5 proved to be a pivot once again, and the bulls lost momentum. You may buy Apecoin by signing up on the top crypto exchange Binance.
According to Apecoin news, the number of APE holders has hit a new all-time high. Currently, there are 88,502 holders of the native asset of Otherside Metaverse on the Ethereum blockchain.
Technical analysis of APE USD price chart shows a break of trend on the daily timeframe. The breakout target of the symmetrical wedge already seems to be achieved at $7.5, so the bulls are booking their profits. Nevertheless, a lower high couldn’t be ruled out before a retest of the $4 support.
The only way Apecoin price prediction could remain bullish is by reclaiming the $7.5 price level. Another factor affecting the price action is the Bitcoin prices. If BTC price stays in a downtrend, APE is also likely to depict a negative price action. On the other hand, altcoin prices would surge once again if BTC price breaks above $25k. Therefore, in the current market conditions, it is better to wait for a breakout than to try to catch the falling knife.
This post was last modified on Aug 19, 2022, 19:38 BST 19:38