APE Price Retests The Breakout

4 July 2022

in ApeCoin

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As mentioned in our last Apecoin price prediction, the price is retesting the trendline after breakout. Last week, the Ape coin price surged to the $5.57 level after a successful breakout from the downtrend. However, the price faced rejection from this level and is now retesting the breakout. The $5.20-$6.0 region has previously acted as a support and now appears to have flipped into resistance.

If you’re looking to buy Apecoin, it is available on all major exchanges that including Binance, Uniswap, Coinbase etc. APE was free to claim for the holders of Bored Ape Yacht Club NFT. Yuga Labs Otherdeed land sale took the cryptocurrency Apecoin to its all-time high of $26.7 in April 2022. Nevertheless, the ongoing uncertainty in the market has made Apecoin price prediction quite difficult. As per Apecoin news, the AIP-66 proposal is now up for voting on the voting website.

It is worth mentioning here that most cryptocurrencies have been in downtrend since the start of the year. This downtrend could be associated with the prevailing risk-off sentiment due to the recent rate hikes by US FED. Most altcoins are currently trading at a fraction of their all-time highs. The ongoing slump has also affected the APE crypto quite adversely.

Apecoin Price Prediction

Technical analysis of the APE price chart shows that the price is retesting the downwards trendline after the breakout. In case of a successful retest APE coin price might attempt to break the $5.20 resistance once again. After breaking this resistance, Apecoin bulls can then target the $7.25 level which is also in alignment with the 0.628 Fib level. This level comes into play by connecting the May 2022 high to the June 2022 low.

It must be noted here that the above Apecoin price prediction is only likely to be met if the Bitcoin price shows some signs of recovery. In event of a prolonged negative BTC price action, APE might also dip to fresh lows. In such a scenario, the $4.0 region could be considered a good stop loss.