Insights Analysis Will ApeCoin’s Downtrend Reverse?

Will ApeCoin’s Downtrend Reverse?

August 21, 2023 Analysis
BITmarkets | Will ApeCoin’s Downtrend Reverse?

An ERC-20 governance and utility token entrenched within the APE Ecosystem, ApeCoin established itself as a prominent token within the NFT space.

Yet, the token has been dwindling in value since around the birth of 2023 amid non-fungible token (NFT) market struggles, difficulties and controversies.

Currently, the price of the cryptocurrency is at its lowest since introduced to the market in March of 2022. Since June of that same year throughout the present day, ApeCoin’s price-tag hovers within a range which is expected to breach in a very bullish manner.

APE1

APEUSD (1 Week Time Frame): June 2022 – August 2023

Looking into the token’s price movement during the past 8 months, the downtrend trend can be clearly noticed. The peaks & troughs indicated by the hollow circles in the chart above reflect the coin’s price deterioration; insidiously registering lower lows and lower highs.  

APE2

APEUSD (1 Week Time Frame): June 2022 – August 2023

Zooming in, it is more apparent that the Bollinger Bands play an effective role in establishing a support indicator for ApeCoin, which can present a clearer point of market entry. Looking at the history of the token, the indicator confirmed an accurate sell move when aligning with the confluence of the Bollinger Bands.

Hence, it is probable that a similar scenario would occur yet in the opposite direction; when the price touches the low-range flag and the lower Bollinger Band simultaneously, a robust rise is expected.

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