APECOIN PRICE ANALYSIS & PREDICTION (December 16) – APE Bounces Back Above $1.6 As More Breakups Lie Ahead

The metaverse sector saw a small recovery in the last two months rally across the crypto industry. However, Apecoin increased well as it registered almost 100% gains during the period with a current market cap of $645 million.

In the recent bullish rally, which has temporarily paused for almost a week, Ape tapped the $1.88 level and rejected the price with an inverted hammer. 

While the trend is still looking bullish on the daily chart, the price pulled back briefly as the bears looked for a key level to initiate a drop. However, the bulls defended well and stepped back in action.

Looking at the setup over the past months, Apecoin is due for a correction from a technical standpoint. If the trading volume drops, we can expect a correction to occur. But as it stands now, the bulls seem to be showing more commitment.

On the hourly chart, the trend shifted a bit to the downside in the last two days, but the buyers quickly countered the move. A drop below the $1.5 level would confirm a sell-off from a short-term perspective. If the crypto continues to show signs of strength, we can expect a bullish continuation on the daily chart. 

Last week’s high remains a crucial level to watch for more upside movement. Failure to overcome it may result in suspense until the price breaks through.

APE’s Key Levels To Watch

The immediate resistance level to watch right now is $1.88 – last week’s high – followed by $1.96 and $2.13 (August high). A surge about it could flip the price to $2.5 in the future. 

In case of a drop, the key support level to watch for a crackdown is $1.65. There are multiple supports on the way down, but the key levels to keep in mind are $1.515 and $1.4.

Key Resistance Levels: $1.88, $1.96, $2.13

Key Support Levels: $1.65, $1.515, $1.4

• Spot Price: $1.75
• Trend: Bullish
• Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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