ApeCoin For Bottom-Fishing: Buy the Dip in Apecoin Crypto?

ApeCoin has remained a popular ERC-20 token since its launch, closely associated with NFT projects like the Bored Ape Yacht Club (BAYC).

Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance.

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Apecoin Price Overview

• Current Price: $1.13
• Market Cap: $747 million
• 24-Hour Trading Volume: $21 million
• Circulating Supply: Approximately 368 million APE
• Total Supply: 1 billion APE

Img src- Altfins

Following a breakout from Falling Wedge pattern, price made a Higher Low and Higher High, which were all signs of bullish trend reversal. It then broke through multiple resistance areas but got overbought (RSI > 85!!) and pulled back.

We would be buyers near $1.10 support, which also lines up a 61.8% Fibonacci retracement level (support). Upside potential back to $1.35 for 20% gain. Stop Loss at $0.87.

Weekly Price Movement

Over the past week, ApeCoin saw relatively stable performance, maintaining a support level near $1.10.

Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Up.

Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $1.00, then $0.87. Nearest Resistance Zone is $1.35, then $1.50.

Indicators

• Relative Strength Index (RSI): Moderately positioned.
• Moving Average (MA): Currently, ApeCoin trades near its 50-day MA.

News Roundup

1. Otherside Metaverse Launch: Anticipation builds around the integration of APE as a currency within the Otherside metaverse, a project by Yuga Labs.
2. BAYC NFT Collaborations: APE remains central to various BAYC-related developments.

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