APE Price Analysis: Is it a Good Investment?
APE is the native cryptocurrency of APE on the ETH network. ApeCoin acts as the foundation for the Apecoin DAO and all ApeCoin related products and services.
Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) NFT collections, has incorporated APE as the main token for its new line of innovative products and services. Discover the unlimited potential of ApeCoin in the Yuga Labs ecosystem.
Current price of APE Coin
Apecoin (APE) price is currently trading at $1.31 with a 24-hour trading volume of $82,567,670.50. This is a decrease of $8.27 in the past 24 hours and by -19.23% in the last 7 days.
The circulating supply of APE is currently at 370 Million. ApeCoin has a market capitalization of $484,087,723.
Price history
ApeCoin is a cryptocurrency with a market capitalization of $1.388,374 million. The total supply of Apecoin is 306.875 million APE coins, with a maximum supply of 1,000,000 APE coins.
Apecoin’s market debut took place on March 17, 2022, and it reached its lowest price of $1 on October 10, 2023, three months later. The highest price of Apecoin reached on April 28, 2022, when it reached a value of $26.70.
Over the next couple of months, the APE price fluctuated between $10 and $15. At the end of April, the price of the token nearly broke through $27 but then dropped back a few days later to around $15. Since May, ApeCoin’s price has been trending down and is currently valued between $3 and $7. The trading volume for the last 24 hours is $121.131 million, a positive indicator.
Price Prediction
ApeCoin’s average APE rate is expected to be $1.52 by the end of 2023, according to crypto experts.
ApeCoin’s minimum and maximum prices can be expected in January 2024 at $1.37 and $1.56, respectively. Return on Investment (ROI) is 9.1%.
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Technical Analysis
The price has broken the falling wedge resistance trendline. Currently, it is testing out the wedge. After a successful test, it will pump hard.
The current trading setup suggests a potential bearish trend reversal in the short term as the price broke below a Wedge pattern. Traders can consider setting a price alert for confirmation.
For those following the Wedge pattern, trading within the trendlines is an option. However, a complete breakout, either above or below the trendlines, signals a potential rapid movement in that direction.
The momentum indicators indicate a bearish trend, with the MACD Line below the Signal Line and RSI below 45.
Key levels to watch are the Support Zones at $1.50 (already broken) and $1.00, with Resistance Zones at $2.00 and $2.50. Keep an eye on these levels for potential price movements.
Is It a Good Investment?
We don’t think ApeCoin appears to be a good investment. Why? It has tough competition from similar cryptocurrencies, lacks standout technology and innovation, doesn’t have a real community (except for speculators and hype followers), and the project team is unproven.
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End Note
ApeCoin is the main crypto for APE on ETH, used by Yuga Labs for new products. Current price: $1.31, down 19.23% in 7 days. Market debut on March 17, 2022, hit $26.70 on April 28, 2022. Currently trading between $3 and $7. Experts predict an average rate of $1.52 by end of 2023. January 2024 expected range: $1.37 to $1.56, with a 9.1% ROI.
Technical analysis shows a falling wedge break, currently being tested. Potential bearish trend reversal, so set price alerts. Key levels: Support at $1.50 and $1.00, Resistance at $2.00 and $2.50. Momentum indicators suggest a bearish trend.
