ApeCoin Price Prediction: Why the Bullish Move may be a Trend Reversal

Summary:

The Apecoin prices continue to recover after a strong bearish move that started on March 28th resulted in an over 20 per cent price drop

The Apecoin prices continue to recover after a strong bearish move that started on March 28th resulted in an over 20 per cent price drop. In today’s trading session, the cryptocurrency is looking poised to gain over 5 per cent.

Since its launch in March 2022, the cryptocurrency has had a mix of fairy tales and controversies. This is after the coin got listed in almost all major exchanges hours after it was launched. This resulted in its prices moving from lows of a dollar to trading at above 39 dollars within the first trading session ever.

Although the cryptocurrency would later come down fast, the gain meant that ApeCoin would find its way to the top 50 of the most valuable cryptocurrencies based on market capitalization. Today, the cryptocurrency sits at position 39 of the most valuable cryptocurrencies, with a market cap of over $3 billion.

However, the controversy of a $1.7 billion gift to its VCs would put the cryptocurrency on a spin. When the reports started coming out, there were questions about what retail traders and users of Apecoin were gaining from using the crypto. The controversy threatened the very existence of the few weeks old cryptocurrency. Fortunately, Apecoin has been able to shake the controversy and today boasts of a thriving ecosystem with a daily trading volume of over $600 million.

ApeCoin Price Prediction

Looking at the 4-hour chart below, we can see the prices of ApeCoin trading along an ascending trendline for weeks. Recently, the prices came down and touched the trendline and have been trading sideways since then. However, the prices have looked more bullish than ever in the last two days, resulting in two consecutive days with a net price gain. The chart also shows a recent resistance level of $12.83, formed a few days ago.

Using the chart, I expect the cryptocurrency prices to continue to gain, and I also expect the prices to touch the $12.83 resistance levels in the coming days. There is also a high likelihood that the current price gain is a trend reversal. If that is the case, expect the prices to rise until they hit the $15 resistance level.