ApeCoin (APE) Shows Signs Of Recovery, But Mini-Rally Could Be Short-Lived

Christian Encila

Last Updated: September 18, 2022 5:20 pm

2 mins read

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ApeCoin has had a long and complex history. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market’s slump.

The coin’s price has broken through the resistance of a head-and-shoulders pattern, rising to a new all-time high of $5.63. This may portend an impending upswing, but technical signs are pointing in the opposite direction.

Overall, both bulls and bears have been able to make little gains in APE coin, making the overall trend neutral. There is a double bottom pattern on the coin as well. This pattern could foretell a continuation of the current downward trend.

ApeCoin: Robust Buy Signals Likely

However, this downward tendency has not materialized, yet. The current APE coin mini-rally may be a short-lived upsurge following the decline that began on September 13.

There have been double bottoms and single bottom reversals in the price of APE coin recently. Bearish feeling among investors can only be reversed if the price is able to sustain itself at the 78.60 percent fib level. The result may be more robust buy signals for market participants.

We anticipate that APE’s price will rise when the crypto market recovers alongside the broader financial sector. And that’s if the cryptocurrency market can ignore the impending bad CPI news and interest rate increase.

The value of alternative cryptocurrencies like APE coin is highly correlated with Bitcoin’s market price. This coefficient is now at 0.73 as of this writing. A high degree of correlation between the two currencies indicates this.

Short-Term Performance: Finding Support

The short-term performance of the ApeCoin is “acceptable,” but only with access to real-time data. As of this writing, the cryptocurrency is trading above the 78.60 Fib level and attempting to find support there. Taking the coin’s track record into account, this may just be a momentary victory.

The APE coin’s value will rise as a result of a general uptick in the economy and financial markets. Critical aid can be found between $4.24 and $4.60. Both the price drops and price increases that the coin has seen have been maintained and sustained by these two factors.

The $4.60 support level is where the price can find a floor before falling to the $4.24 area. However, the recovery of APE coin may fail if bears also break through the $4.24 support.

However, recent market data indicates that APE currency is showing signs of recovery. At the 1-hour time frame, the coin has firmly established above the 78.60 fib level. As the cost levels off, dealers and investors may gain confidence.

APE total market cap at $1.7 billion on the daily chart | Source: TradingView.com

Featured image from Pexels, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.