• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
ApeCoin

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

Christian Encila by Christian Encila
1 year ago
in Cryptocurrency Market News
Reading Time: 2 mins read

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.

Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data

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.

Related Reading: MANA Under Sideways Motion In The Last 4 Months

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).
Tags: APEApeCoinbitcoinbtcusdcrypto newscryptocurrencytechnical analysis
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

Experts Prefer Meme Moguls (MGLS) and Solana (SOL), Monero (XMR) Community Protests ‘Mordinals’

Experts Prefer Meme Moguls (MGLS) and Solana (SOL), Monero (XMR) Community Protests ‘Mordinals’

3 hours ago
Bitcoin Bull

Bitcoin Bull Signal Returns: Exchange Supply Hits Lowest Level Since 2017

3 hours ago
Ali Martinez Shares His Analysis on Cardano and Dogecoin – Pullix Grabs Attention With Multi-Asset Staking

Ali Martinez Shares His Analysis on Cardano and Dogecoin – Pullix Grabs Attention With Multi-Asset Staking

4 hours ago
Cardano

Cardano Rises $56% To Dominate Weekend’s Top 10 Roster – Details

8 hours ago
Pullix presale

Experts Prefer Meme Moguls (MGLS) and Solana (SOL), Monero (XMR) Community Protests ‘Mordinals’

10 hours ago
BONK

The BONK Bomb: Solana Meme Coin Gets Extra 200% Boost To Its 7,000% Value Appreciation

12 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • PolySign, Inc. PUBLIC AUCTION NOTICE OF FORECLOSURE SALE

    9 hours ago
  • Chimpzee Continues to Flourish In Final Week With $2.5...

    10 hours ago
  • Cardano (ADA) sees growth but investors now shifting...

    13 hours ago
  • Retik Finance (RETIK), Ethereum (ETH), and Solana (SOL) are...

    1 day ago
  • Match Chain Mainnet Ready to Roll Out in March

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.