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ApeCoin Price Analysis & Prediction (May 10th) – Ape Drops to Five-Month Low Following Past Months of Decline, is $3 Next?

Apecoin started to roll down slowly in January after seeing a huge rally. It marked a low in March, recovered slightly and resumed selling which brought the price to a five-month low yesterday. It is calm right now.

The past few weeks saw Apecoin through a steady decline, registering almost a 10% loss since the start of the month. No signs of reversal yet but it appeared the price could recover a bit before it starts to drop again. 

Meanwhile, the sell-off has brought the price to a five-month low, making it to retest the last December low of $3.3 level yesterday. That level was rejected immediately and the price retraced slightly up. 

This level has acted as crucial support for the next price movement. And as a result of that, we could see a bounce back from the current level if that support level hold strongly. 

Trading is currently calm due to a bearish break. But we can expect a notable price swing as soon as the bears return. Although, the buyers are trying to step back into the market in the lower time frame. 

Because of low trading volume from the bulls’ side, the price has remained stuck under $3.5 over the last 24 hours. A continuous increase in the volume level could facilitate a nice recovery in price.

APE’s Key Levels To Watch

apecoin price analysis prediction
Source: Tradingview

In case of any major move from here, the closest support level for a breakdown is $3 and $2.8. Support to watch next is $2.6.

For recovery, the immediate resistance level to consider for a test lie at $3.6. A successful push above that price could propel recovery towards $3.8 and higher to $4.

Key Resistance Levels: $3.6, $3.8, $4

Key Support Levels: $3, $2.62, $2.4

  • Spot Price: $3.3
  • Trend: Bearish
  • Volatility: High

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

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

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