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Homeprice predictionApeCoin Price Analysis: Will APE break the downtrend structure?

ApeCoin Price Analysis: Will APE break the downtrend structure?

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  • ApeCoin(APE) price is trading at $1.90 with a decline of -3.99% in the last 24 hours as per Coin Market Cap.
  • The current ApeCoin ranking on Coingecko is #61 as of 10 July 2023 with a fully diluted valuation (FDV) of $1,887,718,168 as per Coingecko.
  • The current Volume/Market Cap ratio of ApeCoin is 0.1315.

The all-time high for ApeCoin is $26.70 and it is currently trading at a decline of -92.92% from the all-time high.

Apecoin crypto is the digital currency of the Apecoin network, a distributed platform for digital content, gaming, entertainment, and events. The Apecoin network draws inspiration from the Bored Ape Yacht Club (BAYC) project, a well-known NFT collection on Ethereum.

ApeCoin reached its peak value of $26.70 on Apr 28, 2022 (a year ago). The current value is -92.92% below the highest value ever and ApeCoin has declined by -12.82% in the past week. There was an advance of +5.50% in the trading volume of ApeCoin resulting in $356.91M in the last 24 hours as per Coin Market Cap.

The Whales holding for ApeCoin is 10.2325% and the rest 89.7674% is held by others.

ApeCoin Technical Analysis

Source:  APEUSD.COINBASE.1D by Trading View

Market Structure:

ApeCoin has been consecutively declining from higher levels and is in a downtrend followed by lower low swing levels. APE started to fall from 27 Jan 2023 and kept falling consecutively by breaking all of the upcoming support levels.

The market still looks weak as it is not showing any signs of reversal.

 Indicator Analysis

Source:  APEUSD.COINBASE.1D by TradingView

EMA: The ApeCoin(APE) is trading lower than the 20,50-day Exponential moving average, creating a bearish crossover that indicates the dominance of sellers in the market. If sellers keep driving the market down, then APE may face more losses in the future, which may result in a downtrend.

RSI: According to the present market situation, the RSI for APE is weak as it is trading under the level of 50 and has just faced resistance from the same level on 09 July 2023. The RSI recovered from the oversold zone but failed to break the level of 50 and is still holding at the lower levels.

Conclusion

Looking at the charts and indicators we can see that the ApeCoin is in a downtrend and is consecutively dropping resulting in lower low levels still the market is negative as the EMA cross is negative and RSI is also indicating weakness in the market. We cannot expect a change in the trend of the market until APE breaks the 50-day Exponential moving average and sustains above it resulting in a bullish crossover.

Technical Levels

  • Support Level – 1.842
  • Resistance Level – 2.038 and 2.374

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.

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