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ApeCoin Price Unable to Reach $2; Will APE Bounce Back From $1?

1 Mins read

ApeCoin price prediction says the recent downfall in APE is temporary. Buyers are active near the support and are likely to bounce back. 

The sell-off in the overall crypto market indirected impacted the APE crypto. But APE is likely to take support near $1.200. 

APE crypto is struggling to stay above $1.800. Sellers got active and slowly pulled the price downward. They are trying to erode the complete gains of the last three months to show their dominance.

However, till the $1.200 support is safe, it will be difficult for bears to erode the previous gains. The 50 day EMA support was broken, which indicates that the short term trend is now in a downward direction. So, buyers need to be actively present and halt the downfall. 

The sudden decline in APE has spoiled the chart pattern which is raising concerns for its investors. It will be interesting to see how the bulls tackle this situation. Currently, the pair of APE/USDT is trading at $1.447 with an uptick of 3.06%.

Will ApeCoin Price Respect the $1.200 Support?

ApeCoin Price Unable to Reach $2; Will APE Bounce Back From $1?
Source: APE/USDT daily chart by Tradingview

ApeCoin price is mildly bearish in the short run because sellers are highly active. They are continuously strengthening their grip and no signs of bounce are visible. 

However, the APE is near $1.200 which is a strong support level and last hope for bulls. If this support gets broken, then bears will take over the control and pull the price to new lows. 

After analyzing the price behavior of this crypto, it can be said that buyers will not easily give up. Therefore, bulls are likely to take risks and build long positions.

APE Price is Mildly Oversold; What’s Next?

APE price is mildly oversold and has entered into a consolidation phase. If the consolidation continues for weeks, then the selling pressure might fall slowly. It will indirectly benefit the bulls to halt the downfall and reverse the trend upward. 

Meanwhile, the crypto leaders, ETH and BTC price have bounced back and continue the recovery. So, it may positively impact APE in the coming week.

Conclusion

ApeCoin price prediction is mild bearishness in the short run; the drop is likely to be temporary. APE holds $1.200 support, it’s better to favor bulls and accumulate it for the long term. 

Technical levels
  • Resistance Levels: $1.885 and $2.213
  • Support Levels: $1.212 and $1.050

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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