ApeCoin is one of the cryptocurrencies in the world that shook the entire market after its inception a few months ago. After launching in some major exchanges, the price shot higher to the 28.00 level but plunged lower immediately to the $1.00 level. However, the current price is trading within a bullish vibe where the new monthly high of 17.52 indicates buyers’ interest in the price.
The Ape ecosystem offers a wide range of NFTs in the Ethereum blockchain, where the APE is the native token for buying products and taking services from the company behind the project. The main aim of the native token is to empower the decentralized community under the Ape ecosystem. More than 62% of the ApeCoin was allocated to the Ape ecosystem fund to support the ApeCoin DAO members.
Currently, 28% of the ApeCoin is in circulation from a total of 1 billion tokens. Moreover, it got massive investors' attention from its launch date, pushing the total market cap to reach $4 billion. According to several higher timeframe metrics, APEUSD may reach the $51 level by the end of 2022, but investors should read the price action to find the highest possible price trend.
Let’s see the ApeCoin Price Prediction today from the ApeCoin (APE) technical analysis:
APEUSD Bulls Seek Another Higher High
APEUSD showed extreme volatility after the launch in top-tiered crypto exchanges but became stable after a few days by creating a base at the 10.66 level. After creating a swing high at the 15.56 level, the price came lower but formed a bullish channel breakout before making another high at the 17.59 level. Therefore, the new higher high with a stable price above the 10.50 key support level is the primary sign of the upcoming bullish pressure.
The above technical analysis shows the daily chart of APEUSD price, where the most recent price made a strong bullish breakout from the dynamic 20 EMA. In the indicator window, the RSI followed the buying sentiment by moving above the neutral 50 level.
Based on the APE Price Prediction, the bullish sentiment in this pair is valid as long as it trades above the 10.50 key support level in the daily chart. The RSI is bullish where it may test the overbought 70 level, pushing the price up toward the 25.00 psychological level. On the other hand, the alternative approach is to wait for the trendline breakout from the 21 March low to the 18 April low, which may initiate a bearish trend.
APEUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud analysis, the APEUSD H4 chart is exceptionally bullish, where the price moved above the Kumo Cloud following a bearish channel breakout. As a result, the Senkou Span A shifted above the Senkou Span B in the future cloud with a stable buying position in the Lagging Span.
This technical analysis shows how the trades dynamic index shows a buy signal by taking the TDI line above the 50 level. Meanwhile, the dynamic Kijun Sen is below the price and working as immediate support.
According to the ApeCoin Price Prediction, APEUSD buying pressure may extend towards the 17.55 swing high as long as it trades above the dynamic Kijun Sen. However, any bearish correction with a bullish rejection from 13.50 to 12.44 would be another opportunity to join the bullish rally. However, a break below the 10.80 swing low would be an alarming sign for bulls that may decrease the price towards the 6.70 level.
APEUSD Intraday Price Action Analysis
In the ApeCoin Price forecast, APEUSD bullish pressure is solid above the dynamic 20 EMA, while the most recent high volume level is at 14.42 level. In that case, the bullish momentum from 14.42 intraday high volume pressure may incur a bullish continuation pattern towards the 17.55 swing high in the coming days.
This technical analysis shows that the MACD Histogram has lost its bearish momentum and reached near the neutral zone. Moreover, the dynamic weekly VWAP is below the price and provides more support to bulls.
Therefore, the primary approach in the intraday chart is to go long in this pair towards the target of the 20.00 level, which is the 161.8% Fibonacci Extension level of the most recent price swing. On the other hand, the bearish approach is to wait for the break below the 13.00 level with a bearish H4 close and open a sell trade after finding a strong bearish rejection. In that case, the main aim is to test the 10.80 level before showing another bullish sign.
Is ApeCoin (APE) A Buy?
According to the ApeCoin (APE) Price Prediction, APEUSD may follow the buying momentum with the recent surge in NFTs and altcoins. In that case, the crucial price level is 10.00 to 11.00, which is the ultimate barrier for bulls. As bulls hold the price above the 10.55 support level, the upside pressure towards the 19.00 level is likely to happen.