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The fluctuating altcoin market has been heavily influenced by the movement of BTC price. The king of crypto is struggling to break resistance. Bitcoin is trading in a wider range between $36,500 and $37,500. As the end of the month approaches, we need to see an increase in BTC demand in order to see further growth in the altcoin markets. Meanwhile, a popular analyst is predicting a mega rally for the metaverse altcoin.
ApeCoin (APE) Price Analysis
The price of ApeCoin dropped to $1 at the beginning of last month, setting a historical low. It was a period when new all-time low levels were set for many cryptocurrencies. APE Coin, which reversed from the bottom, has been following an upward trend line since November 18.
The price has surpassed the $1.35 resistance, surpassing the $1.56 resistance once again. At the time of writing, the price is finding buyers at $1.47. Despite the breakout, APE has not been able to close above the $1.50 resistance, and it has made its third upper wick in this resistance area. This indicates that selling pressure is dominant.
Binance Japan announced that it will list 13 cryptocurrencies, including APE, on November 17, but this news did not bring a sustainable rally.
Altcoin Waiting for Mega Rally
Some analysts are sharing a more optimistic outlook for APE Coin. This expectation is supported by the breaking of the declining resistance trend line. Generally, breakouts from long-term resistance trend lines are more likely to lead to bigger rallies, and the APE price has not been able to recover as expected. Analyst Sheldon_Sniper, known by the pseudonym on social media, wrote the following;
“Mega rally is coming soon, significant buying in the green zone, and I expect a significant price increase in the longer term.”
Analyst Tyrion Trades is also among those expecting a rise and argues that $2 could be achieved soon. Technical analysts value predictions with Elliott wave counts, so what does the wave count indicate for APE Coin?
The most likely count suggests that APE has started a 5-wave upward movement after the bottom. If the count is correct, the price should currently be in the third wave of this increase.
Accordingly, closing above $1.50 can enable the testing of the targeted peak of $2.3 compared to the first and third waves. However, closing below the lowest level of the second wave, which is $1.27, can reverse the upward prediction and target $1.1.
