ApeCoin Price Analysis: APE Plunge -6.73%, How Low Will It Drop?


  • The EMA(50) is currently at $5.06.
  • In terms of APE support floor, it is now $4.23.
  • Bears control APE’s current price actions.
  • The current trading volume of ApeCoin is at $189,208,170.00.

08 December 2022 : In this article we will walk you through ApeCoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for ApeCoin, Is APE a good investment? ApeCoin support & resistance levels etc. But before diving deep into the APE technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $841,194,397,782. The total trading volume stands at $37,214,954,728. Bitcoin shares 38.51 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,847.57 level after a decline of -1.43%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -3.09 percent reaching to $1,232.64 during the previous 24 hours.
While publishing this blog, BNB traded at $284.32, following a price change of -2.11%within the same time frame. XRP the native coin of XRP is down by -2.15 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -4.5% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

ApeCoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of ApeCoin (APE)

APE Resistance Levels APE Support Levels
Resistance Level 1 $4.82 Support Level 1 $4.23
Resistance Level 2 $5.10 Support Level 2 $3.91
Resistance Level 3 $5.42 Support Level 3 $3.63

ApeCoin Performance

According to Price Analysis Market Index, ApeCoin (APE) is trading at $3.90 with a trading volume of $189,208,170.00. However,APE has a price decline of -6.73% in the last 24 hours.APE price changes -4.52% over the week with a total market capitalization of $1,410,547,811.00 USD.

ApeCoin Price Analysis

APE price analysis for 08 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the ApeCoin.

Moving Averages Price Indicator
Simple Moving Average (10) 4.69 Sell
Exponential Moving Average (10) 4.67 Sell
Simple Moving Average (20) 4.96 Sell
Exponential Moving Average (20) 4.92 Sell
Simple Moving Average (50) 5.08 Sell
Exponential Moving Average (50) 5.06 Sell

The APE/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While APE’s Williams %R indicator is at -69.919 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The coin is going down as it break below two crucial support levels of $4.23 and $3.91. The market is not suitable for bulls and bears might take APE towards the next support at $3.63. The Relative strength index (RSI) for APE Coin is currently hovering at 22 for 14-days average line, which means APE is in oversold zone and a trend reversal is possible.

Conclusions

ApeCoin is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.