APE Price Prediction as ApeCoin Climbs 11% This Week. Heading Back to $2?

cryptonews.com:

The price of ApeCoin (APE) has jumped by 10% in the past 24 hours, with its move to $1.26 today also representing an 11% gain in a week.

This makes APE one of the best-performing cryptocurrencies of the past few days, with the governance token starting to compensate for the steep losses it has incurred over much of 2023.

Indeed, with APE still down by 76.5% in the last 12 months, the altcoin still has plenty of lost ground to recover, something which could mean that it has more gains in the store over the next few days and weeks.

APE's indicators make it clear that the altcoin was long overdue a big rebound, given just how undervalued and discounted it had become in recent weeks.

Its relative strength index (purple) had spent much of August and September at or under 30, which again signals some strong overselling, and it had actually spent most of the previous months of the year below 50 (if not lower).

Similarly, APE's 30-day moving average (yellow) has been very far below its 200-day average (blue) for most of the year, implying that the coin had been sold to a much greater extent than its previous levels would have justified.

But while it seems that today's rally has seen APE turn a corner, it should be remembered that its long-term support level (green) has been declining for pretty much the entire year, with the coin actually down by 65% since January 1.

As such, it shouldn't be concluded too prematurely that APE's fortunes are now changing, even if the past couple of weeks had seen it consolidate around the $1.10 level before rising today.

In terms of fundamentals, there doesn't seem to be any major ApeCoin-related news that could have sparked today's rally.

On the contrary, it seems that the main cause of today's spike is