Course (APE): $15.79 (previous day: $13.57)
- Short-term resistances/objectives: $16.98, $18.12, $19.47, $24.29, $27.85, $30.31
- Short-term supports: $15.61, $14.60, $13.61, $12.98, $12.51, $12.19, $11.49, $10.91/$10.55
ApeCoin Daily Forecast:
- APE price jumps 40% north after further speculation around the Bored Ape Yacht Club Metaverse project “The Otherside Metaverse”.
- ApeCoin hit a new 30-day high at $17.33 on Wednesday, April 20.
- Given the current hype surrounding the flagship NFT BAYC project, a price increase towards the all-time high of $18.12 seems like only a matter of time.
- On the downside, the APE price is well secured in the $14.60 area.
Bullish Scenario (APE)
- After a week-long sideways phase between $10.55 and $13.58, ApeCoin has gained price momentum over the past 24 hours of trading.
- The critical voices surrounding the fledgling Altcoin seem to have died down for now.
- The ecosystem coin is benefiting from renewed speculation in the “metaverse Ape” and overtakes former industry leader Decentraland (MANA) in terms of total market capitalization to rank 33 of the top 100 altcoins.
- If ApeCoin can sustain this price momentum and overcome the 200 Fibonacci extension at $19.98 per hour, a move forward to $18.12 is likely.
- If the bulls also manage to dynamically overcome this price mark in the next few days, a further rise to the 261 Fibonacci extension at $19.47 is likely. Early investors are likely to want to make profit here.
- If the APE price then stabilizes above $18.12, a jump in the price to $24.29 is also likely in the coming trading days. Here again, increased profit taking is to be expected.
- If ApeCoin can also overcome this zone in the coming weeks, further price targets of $27.85 and $30.31 will come to investors’ eyes. For now, the 461 Fibonacci Extension should be considered the maximum bullish price target.
Downside scenario (APE)
- If the APE price breaks back below $15.61 in a timely manner, it can be considered the first partial success for the seller.
- Already at $14.60, however, the bears should struggle to drive the APE price down further. In addition to the horizontal support, the hourly chart supertrend also works here.
- If the bearish camp generates enough selling pressure and the APE price continues to consolidate, clear resistance on the buying side can be expected no later than the all-time high of $13.61. At this price level, ApeCoin started its current price rally.
- Investors who missed the hype train will want to use this new test to make a new entry.
- If, contrary to expectations, this support is undercut by the end of the hour, an extension of the correction to the 78 Fibonacci retracement at $12.98 is possible. In the first attempt, the APE price should find a bottom here.
Possible correction extension
- However, if the bears can generate enough selling pressure and ApeCoin slips below this support level, then look towards $12.51. In addition to the 61 Fibonacci retracement, the EMA200 (blue) can also be found at this cross support.
- From this level of support, another jump north is to be expected.
- However, should ApeCoin correct more significantly over the next few trading days, the maximum downside targets that can be derived at the moment are $12.19 (Fibonacci 50 Retracement) and $11.49 specifically.
- A retest of the green support zone between $10.91 and $10.55 could no longer be ruled out in the medium term if the support mark at $11.49 is definitely undercut.
- The RSI and the MACD indicator are in an overbought condition on an hourly basis. However, this constellation should not be overestimated after such strong price increases. A cooling of the indicators gives prospective air for a further northward trending move.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are only an evaluation by the analyst.
The images in the chart were created using TradingView created.
USD/EUR exchange rate at time of writing: 0.92 EUR.
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