ApeCoin (APE) has fallen -6% in the latest rejection move from the 20DMA, but as price finds lower support – will APE bounce back? Or is ApeCoin going to zero?
The battle for the 20DMA continues, amid a resurgence in Bored Ape Yacht Club floor price, which seems to be finding support at 26 ETH.
Furthermore, price action has been bolstered by a new marketing game aiming at F1 fans, with BAYC and ApeCoin promotions at the Melbourne MotoGP.
ApeCoin Price Analysis: Will APE Bounce Back? Or is ApeCoin Going to Zero?
With price action caught between a rock (lower support) and a hard place (the 20DMA), ApeCoin is currently trading at a market price of $1.08 (representing a 24-hour change of +3.83%).
This comes in the midst of a -6% fall yesterday, as price saw rejection from a re-test of the 20DMA (which is currently stood at $1.01).
Price action has been trapped in this hard-fought zone above lower support at $1.015 for more than 2-weeks.
Yet, a strong recovery on the daily could see re-testing continue – with a potential break above the 20DMA still on the cards.
Meanwhile the 200DMA remains high above the ongoing trading channel at $2.33.
As ApeCoin fights for the 20DMA, the RSI has remained relatively cool at a bullish oversold signal, with a live reading at 45.98.
This bullish sentiment receives confirmation from the MACD, which showcases bullish divergence at 0.009.
Overall, ApeCoin looks surprisingly strong here – with localised rejection from the 20DMA undertaking relatively minimal retracement, suggesting a good level of interest and support at these levels.
To the upside this leaves APE with a target at $1.20 – a clean break above the 20DMA (a possible +10.6%).
While downside risk could see a tumble back to strong lower support at $1.015 (A potential -6.45%).
This leaves ApeCoin with a risk: reward ratio of 1.64 – a reasonably good entry with limited downside risk.
Yet, while ApeCoin battles on against further downside, an emerging meme coin presale is stealing the limelight as investors flock into Meme Kombat.
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The findings of this audit will soon be public, a move that many projects shy away from.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.