ApeCoin’s price is rejected in a confluence of resistance near $ 5.02, according to cryptocurrency analyst Akash Girimath. The analyst says the continued pullback will likely stop and reverse around the $ 3.78 support level. On the other hand, a four-hour candle near the psychological level of $ 3 will invalidate the bullish argument for the metaverse coin. We have prepared Akash Girimath’s ApeCoin (APE) analysis for our readers.
“The Metaverse ApeCoin coin project is ready to attack again”
ApeCoin’s price has produced three different low swings that represent a low. This setup was followed by an increase which prompted APE to raise widely. However, the lack of momentum caused the metaverse coin to retreat and bounce back. Presumably this happened before another take.
cryptocurrency.comAs you can follow, ApeCoin’s price bottomed out at $ 3.20 on June 12th. This consolidation funded APE, allowing buyers to outrun sellers and take control. As a result, the APE has risen 56% to $ 3.11 since last June 19. The price of ApeCoin is approaching the psychological level of $ 5. In this case, it is facing a confluence of resistance with the descending trend line connecting the highs lows since May 23 and the horizontal block at $ 5.02.
A rejection here has pushed ApeCoin’s price into a downtrend. This will likely continue until a stable support level of $ 3.78 is reached. This move will provide buyers with the opportunity to trigger a rebound that pushes the APE up 62%. But this rally will break the $ 5.02 hurdle to tag a new one at $ 6.09.
“This will invalidate the bullish thesis for APE”
Regardless of the uptrend, a break of the $ 3.78 barrier will signal weakness among buyers. If so, the ApeCoin metaverse coin price is likely to return to $ 3. A four-hour candle near the bottom of this psychological support base will invalidate the bullish argument for the APE. This development could drive ApeCoin’s price further 16% to $ 2.50.
At press time, APE was trading at $ 4.05, down 6.72% on a daily basis, according to CoinMarketCap. The Metaverse coin ranks 39th in terms of market capitalization. The APE hit an all-time high at $ 39.40 about 3 months ago. On the other hand, things changed later and APE saw drastic declines. He is currently 90% off the ATH level.
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