fxs_header_sponsor_anchor

ApeCoin Price Prediction: A $3 token by the end of the year?

  • Apecoin price coils in a triangular fashion. 
  • The Volume Profile Indicator hints that sellers are still in control.
  • Invalidation of the downtrend scenario is a breach above $5.60.

ApeCoin price shows bearish technicals in both the short term and the medium term.

ApeCoin price is likely to plummet

APE price displays concerning signals that long-term investors should be aware of. Since August 3, the Ethereum-based NFT token has lost 30% of its market value. A death cross of the 8- and 21-day simple moving averages on August 14 catalyzed a penny-from-Eiffel style decline into the $5 price zone.

ApeCoin price currently auctions at $5.15 as the New York trading session closes on August 23. The Volume Profile Indicator confounds the idea of an upcoming selloff as the sideways consolidation unfolds with relatively low transactions. 

Auction market theory would suggest that influential bulls are uninterested in the current APE price and will demand a better bargain. If the technicals are correct, an additional decline could occur to the $4.75 zone before the end of the month. Macro technicals suggest the APE price is in a sharp 5-wave impulse move targeting $3.00 before the end of the year.

APE/USDT 4-Hour Chart

Invalidation of the bearish outlook is a breach above $5.60. If the bulls can breach this barrier, they may be able to rally as high as $6 in the short term, resulting in a 17% increase from the current ApeCoin price.  

In the following video, our analysts deep dive into the price action of Apecoin, analyzing key levels of interest in the market. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.