The launch of BAYC Metaverse raises the bar

Course (APE): $17.28 (previous day: $15.95)

  • Short-term resistances/objectives: $18.12/$18.48, $22.63, $25.60, $31.31
  • Short-term supports: $16.13/$15.92, $15.11, $14.60, $13.97/$13.61, $12.98, $12.51, $12.52, $11.44, $10.91/$10.55

ApeCoin Daily Forecast:

  • APE price held up well despite the overall market weakness and traded around 10% higher at $17.28 since the last price analysis on April 20.
  • The announcement of the official launch of “The Otherside Metaverse” on April 30 has sparked new price fantasies for ApeCoin over the past two trading days.
  • Although bullish investors have yet to manage to stabilize the APE price above the all-time high of $18.12, it currently appears that the price is becoming increasingly locked in this region.
  • A price increase to new all-time highs still seems only a matter of time. Above all, a timely price rise towards $25.60 is on the cards.
  • On the downside, the APE price continues to be well supported in the $14.00 area.

Bullish Scenario (APE)

  • ApeCoin continues to evade weakness in the overall crypto market, hitting a new all-time high of $18.48 in the past few trading days.
  • Although the price of ApeCoin has been trading in a sideways range of a good five percentage points below its previous week’s high over the past few trading days, a further price increase seems to be just a question. of time.
  • If ApeCoin can confirm its current price strength and form sustainable new all-time highs, a march towards the 138 Fibonacci extension at $22.63 should be expected.
  • If there is no sustained profit taking at this resistance level, investors will focus on the first important target of $25.60 for the coming trading week. From a technical standpoint, the current price projection at 161 here often represents a relevant first upside target.
  • If there is no significant profit taking here either, a move towards the Fibonacci 200 projection at $31.31 is on the cards in the medium term. This resistance level represents the maximum bullish price target for the next few weeks of trading.

Downside scenario (APE)

  • If the bears can sustainably prevent a break above $18.12 and the APE price consolidates to the south again, the area between $15.92 and $16.13 will initially come into focus. The hourly chart’s supertrend is currently in the area of ​​the daily lows of the last two trading days. In the first attempt, a rebound to the north is therefore very likely.
  • If the APE price abandons this support zone at the end of the hour, a correction extension towards the yellow support zone is to be expected.
  • In particular, the EMA200 cross support (blue) and the 61 Fibonacci retracement at $15.11 should be given more attention.
  • A price drop below this important support can be considered the first partial success on the sell side.
  • If the support at $14.60 is then breached, the correction will immediately extend towards the all-time lows between $13.97 and $13.61. This year’s April 20 breakout level also works here.
  • Similar to the previous week, further resistance from the bull camp is to be expected in this area.

Is a retest of all-time lows imminent?

  • If, contrary to expectations, this area of ​​strong support is also permanently abandoned, and the 38 Fibonacci retracement at $13.34 does not bring stability either, the corrective move will amplify towards $12.52 . Another potential reversal mark can be found in the orange support zone with the 23 Fibonacci retracement.
  • If this support zone is also broken, a relapse to USD 11.49 cannot be ruled out.
  • The maximum bearish price target for the coming weeks remains unchanged in the area of ​​the green support zone between $10.91 and $10.55. High investor interest in the Bored Monkey metaverse makes a sell-off below this range unlikely at this time.
  • Both the RSI and the MACD indicator have a sideways trend on the hourly chart. However, both indicators are currently showing weak buy signals. The same is confirmed when looking at larger time units. In the 4-hour chart as well as in the daily chart, both indicators are also showing buy signals.

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: 0.93 EUR.

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