APE Price Analysis: Is a bullish Rally coming?
ApeCoin (APE), created by the Yuga Labs team, who brought us the popular Bored Ape Yacht Club (BAYC) NFT collection, has been making waves in the crypto world. The project has seen a rise in active addresses, showing that more people are getting interested and involved. Discover the endless possibilities of ApeCoin in the Yuga Labs universe.
This post goes over the weekly and current prices of APE and provides a price prediction.
APE’s price is up today
Today, ApeCoin (APE) is priced at $2.08, with a trading volume of $94,750,322.12 over the last 24 hours. The coin has seen a 4.86% increase in price in the past day and a 5.45% increase in the last 7 days. ApeCoin has a circulating supply of 610 million APE, giving it a market cap of $1,271,165,370.
Technicals
Moving in a parallel channel, bouncing from its support but unable to break the resistance of the parallel channel, you have to keep an eye on breakout for a long time or on rejection for short.
There is an ascending channel pattern on the APE/USDT chart, indicating that the uptrend might continue. It could be a good idea to think about taking a long position close to the channel’s lower boundary with an exit target of 2.100, given the current trading price of 2.069. One way to control risk would be to place a stop loss just below the channel.
The trend is consistently up across all timeframes, though momentum indicators give mixed signals: a bearish MACD but a neutral RSI, with a hint of rising bullish momentum.
However, a short position would only be feasible in the event that there is a distinct break below the channel, with a stop loss above the channel and an exit target at a lower support level, such as 1.900. If the price movement diverges from the anticipated pattern, it’s critical to remain vigilant and make adjustments.
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Price History
In the past month, the value of APE has surged by 18.2%, resulting in a significant increase. This sudden growth indicates that the coin has the potential to become a valuable asset if it continues to rise.
The all-time low price paid for ApeCoin (APE) was $1.01 on October 10, 2023, which was 6 months ago. Currently, the price is 106.34% higher than the lowest recorded price.
It reached its peak price of $26.70 on April 28, 2022, nearly two years ago. Since then, the current price has dropped by 92.21% from its all-time high.
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Price Prediction
It is possible that the lowest trading cost will be $1.95, while the maximum might reach $2.14 throughout the course of the month. ApeCoin is expected to trade for roughly $2.04 on average. Furthermore, you should be aware of the possible return on investment of 10.9%
Conclusion
ApeCoin (APE) is showing strong growth potential in the Yuga Labs ecosystem, with increased activity and interest in the coin. Trading at $2.08, APE is following an uptrend in a parallel channel pattern, offering opportunities for both long and short trading strategies depending on key levels.
Despite a significant drop from its all-time high, the recent price surge and positive price forecasts for April 2024 suggest a bright future for APE, with an expected average price of $2.04 and an ROI of 10.9%. Stay informed by monitoring technical indicators and market cap movements for wise trading decisions.
