Market Analysis

APECOIN PRICE ANALYSIS & PREDICTION (December 16) – APE Bounces Back Above $1.6 As More Breakups Lie Ahead

The metaverse sector saw a small recovery in the last two months rally across the crypto industry. However, Apecoin increased well as it registered almost 100% gains during the period with a current market cap of $645 million.

In the recent bullish rally, which has temporarily paused for almost a week, Ape tapped the $1.88 level and rejected the price with an inverted hammer. 

While the trend is still looking bullish on the daily chart, the price pulled back briefly as the bears looked for a key level to initiate a drop. However, the bulls defended well and stepped back in action.

Looking at the setup over the past months, Apecoin is due for a correction from a technical standpoint. If the trading volume drops, we can expect a correction to occur. But as it stands now, the bulls seem to be showing more commitment.

On the hourly chart, the trend shifted a bit to the downside in the last two days, but the buyers quickly countered the move. A drop below the $1.5 level would confirm a sell-off from a short-term perspective. If the crypto continues to show signs of strength, we can expect a bullish continuation on the daily chart. 

Last week’s high remains a crucial level to watch for more upside movement. Failure to overcome it may result in suspense until the price breaks through.

APE’s Key Levels To Watch

Source: TradingView

The immediate resistance level to watch right now is $1.88 – last week’s high – followed by $1.96 and $2.13 (August high). A surge about it could flip the price to $2.5 in the future. 

In case of a drop, the key support level to watch for a crackdown is $1.65. There are multiple supports on the way down, but the key levels to keep in mind are $1.515 and $1.4.

Key Resistance Levels: $1.88, $1.96, $2.13

Key Support Levels: $1.65, $1.515, $1.4

  • Spot Price: $1.75
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: aleksandrasova/123RF // Image Effects by Colorcinch


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