Cryptocurrency

Peeking into Apecoin’s Future: A Technical Analysis of the Emerging Cryptocurrency

  • Apecoin is in uptrend
  •  A decent chance for short-term investors

The current trend for Apecoin is an uptrend, and the coin is moving around its 50 EMA (the blue line). At present Apecoin is at its resistance level ready to give a demand zone breakout.

Apecoin on daily chart

Source:TradingView

We can see a demand zone being formed again and again on the daily chart and after it’s a breakout a bullish move is seen so if the same happens at current price levels we can again see a zone breakout and a bullish move thereafter.

MACD – A bullish crossover has occurred on the MACD. When the blue line of the MACD crosses the orange signal line upwardly, it is known as a bullish crossing. The daily chart of Apecoin has turned bullish, as shown by the MACD’s bullish crossover.

Relative Strength Index (RSI) – At 73.97, the RSI curve has surpassed the 50-point threshold. The RSI curve’s overbought region has been crossed, indicating bullish momentum. The rise in the price of Apecoin has enhanced the RSI curve’s value. If the price continues to rise, the RSI curve may rise dramatically.

Analyst view and Expectations

We may witness a bullish move in the next few days so short-term investors can look forward for investing but long-term investors should stay away and should wait until there is a Golden crossover [where 50 EMA cuts 200 EMA from below generating a buy signal].

The short-term price projection for Apecoin for 2023 from CoinCodex was a bit ambiguous; it said that the token might drop to $3.76 by January 16 before increasing to $5.45 by February 11. Perhaps surprisingly, the site’s technical analysis was bullish, with 20 indicators producing positive signals to just five negative ones.

With the view that the price of Apecoin could rise consistently over the next few years, DigitalCoinPrice produced a positive prediction for the cryptocurrency’s price. According to the website, the value of APE will increase to $17.47 by 2025. According to its forecast for Apecoin prices in 2030, they may be as high as $50.18.

Given the website’s usual bearishness, it may come as a surprise that WalletInvestor was optimistic about an APE price projection. According to the website, the token’s value might reach $9.23 in January 2024 before rising to just under $27.69 in five years.

Technical Levels

Major resistance -$7.347

Major support -$2.793

Conclusion

Apecoin appears to be moving in a positive direction. Investors with short time horizons have opportunities. Over the coming days, a bullish increase could be seen.

Disclaimer: The author’s views and those of any individuals mentioned in this post are for informative purposes only and should not be regarded as financial, investment, or other advice. There is a chance of suffering a monetary loss while buying or selling cryptocurrencies.

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