Apecoin (APE), a frequently mentioned altcoin in the cryptocurrency market, is eyeing new highs as recovery movements continue. The question arises: Will the price surpass the $2 level with the upward momentum?
Uncertainty persists in the cryptocurrency market, making it challenging to predict the next moves of digital currencies in general. Nevertheless, Metaverse tokens have stood out today, experiencing a significant surge. Notable Metaverse tokens like SAND and APE have recorded double-digit gains in their charts. Over the last 24 hours, Apecoin’s price has witnessed a 24% increase. This upward movement has allowed APE to confidently break out from the neckline resistance of the cup and handle pattern on the chart, paving the way for further ascent.
Despite the ongoing uncertainty in the broader crypto landscape, the noteworthy performance of Metaverse tokens like Apecoin demonstrates the resilience and potential for gains in this segment of the market. As APE charts a course towards higher levels, surpassing the $2 threshold becomes a plausible scenario, aligning with the prevailing bullish sentiment in the Metaverse token space. Investors and enthusiasts are keenly observing these developments, anticipating further insights into the trajectory of Apecoin and its potential impact on the broader cryptocurrency market.
Apecoin Price Prediction: Can APE Surpass $2 Again?
The formation of a cup and handle pattern on the chart is often observed at market bottoms, signaling the emergence of a new recovery opportunity. The breakout from the neckline resistance of this pattern has paved the way for a significant 27.5% increase.
The intraday trading volume for Apecoin stands at $169.5 million, indicating a remarkable 245% increase.
In 2023, Apecoin experienced a substantial downtrend, resulting in a price drop from $6 to $1. However, a reversal began in mid-October, marking the initiation of a broader recovery phase in the wider cryptocurrency market. Since then, the coin found solid support at the psychological level of $1, laying the foundation for a new upward trajectory.
APE’s price has surged by 65% since its lowest point on October 10, rising from $1.02 to its current level of $1.66. This recovery phase is characterized by the formation of a ‘Cup and Handle’ pattern, a widely recognized bullish reversal formation on the daily timeframe chart. The completion of the formation was marked by a noticeable 12% intraday increase and a substantial rise in trading volume, indicating a decisive breakout from the neckline resistance.
The upcoming week holds significant importance for APE investors as it will test the sustainability of this upward movement and assess the potential for further gains. If the pattern continues as anticipated, the coin’s price could experience an additional 27% increase. In such a scenario, the price would reach $2.11.
Critical levels to watch
Throughout its ongoing rally, Apecoin has undergone two significant corrections. The first retracement occurred at the 61.8% Fibonacci level, followed by a second correction at the 50% level. The decreasing depth of these retracements serves as a bullish indicator, highlighting increasing momentum and strengthening buyer confidence. In light of this, investors may consider the 38.2% and 50% Fibonacci levels as strategic points to set stop-loss orders, providing a safety net against potential market volatility.
Average Directional Index (ADX): With ADX approaching the 19% threshold, the increasing growth suggests a potential opportunity for robust growth in the future.
Supertrend Indicator: The green film overlaying this trend-defining indicator emphasizes a bullish short-term trend.
As Apecoin continues its upward trajectory, investors are advised to stay vigilant, considering these critical levels and indicators to make informed decisions and manage risk effectively in the dynamic cryptocurrency market.
