ApeCoin Price Prediction as APE Falls Below $1.50 – Here are Key Levels to Watch
The ApeCoin price has dropped by 3% in the past 24 hours, with its fall to $1.43 coming as the cryptocurrency market slides in the wake of another Bitcoin ETF application delay.
APE is now up by 1% in a week but down by 7% in a fortnight and by 21% in the last 30 days, with the altcoin also down by 60% since the beginning of the year (in contrast to many major cryptocurrencies, which are up across the year-to-date).
However, APE's recent declines put it in an oversold position from which it should rebound strongly, although the altcoin has been undermined in recent weeks by legal disputes between Bored Ape Yacht Club creator Yuga Labs, NFT investors, and marketplaces and auction houses.
On the face of it, APE is in a great position, insofar as its indicators all signal severe overselling, which under normal circumstances would suggest an asset going at a steep discount.
For one, APE's relative strength index (purple) continues to languish at around the 30 level, and given that it has been at this level for a couple of weeks, many traders would be forgiven for assuming that the coin simply has to rebound anytime soon.
Similarly, APE's 30-day moving average (yellow) is massively below its 200-day (blue), which again signals considerable overselling and undervaluation.
This would imply that the altcoin has completely bottomed out and that it more or less has to begin rebounding very soon.
However, the fact that APE's support level (green) has declined steadily since early June would indicate that it may not have finished declining just yet.
Indeed, the coin's failure to hold to the $1.50 level may indicate some serious weakness, and it may be the case that investors aren't willing to return to APE until it falls even further.
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