One of the top-performing metaverse tokens, ApeCoin’s price has been quite impressive over the past few hours following a nice bounce above the $10 price level this week. Let’s look at today’s ApeCoin price analysis and see what the Metaverse coin has in store for us.
This increase has put the BAYC’s native token at around $18.45 yesterday but the price has dropped due to slight rejection at the above-mentioned price level.
On March 17, ApeCoin was listed at around $1 (on the Binance exchange) with a roughly $300 million market cap. There’s no doubt the cryptocurrency has seen a massive 1600% gain to where it’s currently trading at $17.
ApeCoin is still looking bullish on the short-term perspective as buyers eye for more gains. This bullish trajectory is likely to remain in the long term if the buying volume – demand – is sustained.
Meanwhile, the recent breakout of the structure suggests that more price increases can be expected towards $30 in the next couple of days. In fact, the bulls are now showing more interest as can be seen on the above 4-hours chart.
From today’s low of $16, we can expect an increase towards the $18.45 resistance level. A break above this level could push the price further to around the $20 price level and perhaps the $23 level in the future.
The $16 price level is currently acting as support for the intra-day traders. A drop below this support could bring the price back to $13.8 support, right in the grey demand area. A continuous drop may slip the price further to a $10.8 monthly low. A break of structure from this low would signal a fresh decrease to $9.66. This might result in a short-term bearish for ApeCoin.
Key Resistance Levels: $18.45, $20, $23
Key Support Levels: $13.8, $11, $9.66
Spot Rate: $17.1
Trend: Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
Charts by TradingView
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