APE Price Prediction: Is a Breakout Nearing?

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Updated: Jul 7, 2022, 14:41 GMT+00:00

APE broke above a two-month-old declining trend line this week which could signal bullish momentum

Key Insights:

APE’s price shows that it could be on the verge of a breakout.
The token surged to the $5.57 level last month.
ApeCoin currently ranks 35th in the list of cryptocurrencies worldwide by market capitalization at $1.5 billion.

ApeCoin, the governance and utility token of the APE ecosystem, could be on the verge of a breakout.

This week it broke above a two-month-old declining trend line which hints at the possibility of bullish momentum after months of consolidation.

APE is governed by the ApeCoin decentralised autonomous organization (DAO) and supported by the APE Foundation. It enables token holders to participate in DAO governance and access exclusive features of the ecosystem including games, events, merchandise and services. Yuga Labs, the creator of Bored Ape Yacht Club (BAYC), has also adopted APE as the primary token for all new products and services.

Price Action

Earlier this week, the ApeCoin price broke below supportive technical elements. This was a defensive line that acted as the backbone for a rally that lasted three weeks and appeared to be close to breaking above $5.70.

APE 070722 Weekly Price Chart

Last month, Apecoin surged to the $5.57 level after a successful breakout from the downtrend. The $5.20-$6.0 region had previously been acting as a support and but flipped into resistance.

Its price then retested the downwards trendline after a breakout. If APE breaks the $5.20 resistance level again, bulls could target the $7.25 level which is also in alignment with the 0.628 Fibonacci Retracement Level.

On June 18, APE rallied 75% but the technicals shortly thereafter signalled the potential for downside.

APE is down over 87% from its all-time high of $39.40 set on March 17, 2021 and is currently trading at $5.07. It ranks 35th in the list of cryptocurrencies worldwide by market capitalization at $1.5 billion. Its price is down 0.67% in the last 24 hours.

APE 070722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on APE is bullish, with 14 indicators displaying bullish signals compared to 4 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving a combination of sell and buy signals, while the relative strength index (RSI) stands at 52.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of an ApeCoin crypto price prediction, APE could see its price rising to $5.136 by August 2022, reaching $16.821 in January 2024 and increasing to $25.105 by January 2025.

About the Author

Mohadesa Najumiauthor

Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.

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