Will APE Price Descend Further?

ApeCoin is a token that lets its holders decide how to spend the Ecosystem Fund, which funds projects that benefit the community. ApeCoin is part of the APE Ecosystem, which is based on the Bored Ape Yacht Club NFT project. ApeCoin holders can enjoy exclusive access to games, services, and events in the ecosystem. ApeCoin has a maximum supply of 1 Billion tokens and runs on the Ethereum blockchain as an ERC-20 token.

ApeCoin (APE) has a potential market cap of $1,798,484,484, which is calculated by assuming that all 1 Billion APE tokens are already in circulation. However, this may not be the case, as the emission schedule of APE tokens may determine how long it takes to reach this value.

As per Coinmarketcap, Apecoin Crypto plummeted by 1.22% in market value and by 14.16% in trading volume in the last 24 hours. Its market value is $661,480,517, and its trading volume is $43,208,141. There are 368,593,750 APE in circulation.

Apecoin coin’s (APE) open interest is $85.84 Million. As per Coinglass, another crypto analysis website, it fell by 2.43% in the previous session. The long versus short ratio for 24 hours is 0.9436. The total number of short positions added in the last 24 hours is $757.82 against longs of $227.28K.

Apecoin Price Technical Analysis in the 1-Day Timeframe

APE coin price has been on an upward trend for the past three months, increasing by 52.47% during this period. At the time of publication, APE price is trading at $1.795 and has been declining and forming lower lows and highs. 

Therefore, the APE coin price could continue to move downwards and reach the first and second targets of $1.717 and $1.119 if it fails to maintain the current level. However, if the APE price sustains the current level and rises, then it might hit the nearest resistance levels of $3.083 and $3.571.

At the time of publishing, the APE coin price (COINBASE: APE) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the APE Coin price trend. Hence, Apecoin price prediction estimates the prices to move downwards,  indicating a bearish outlook over the daily time frame chart for its price. 

The MACD line at 0.081 and the signal line at 0.067 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 31.67 points, and the 14-day SMA is below the median line at 40.36 points, which indicates a downward direction and bearish sentiments in the market for the APE coin.

Conclusion

Apecoin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the Apecoin coin in the daily time frame. Apecoin price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of the Apecoin price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding Apecoin coin price.

Technical Levels:

• Support levels: The nearest support levels are $1.717 and $1.119.
• Resistance levels: The nearest resistance levels are $3.083 and $3.571.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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