The price of Bitcoin continues to stay above $34,100 at the time of writing. Macro indicators are positive, with expectations that interest rates will remain unchanged after the Fed meeting. Furthermore, the higher closing prices of the king of cryptocurrencies boost investors’ hopes. However, the decreasing volume and a slight decrease in altcoins are causing some concerns.
APE Coin Review
There was once a hype called the metaverse that fueled big dreams and defined the future. It still exists, and Meta company continues to burn billions of dollars for this goal. However, it is a fact that the bubble has burst, which has balanced out the abnormal pricing caused by excessive demand. In fact, many of the real metaverse altcoins have fallen below the expected zone amidst excessive selling. Finally, we have seen many of the fakes disappear.
When it comes to excessive selling and the metaverse, APE Coin comes to mind first. The APE price hit its all-time low of $1 on October 9th, and the sales that began at $6.42 in January reached their peak. We saw that the price plummeted to the bottom without violating the descending resistance trend line.
However, the APE Coin price managed to bounce back from the bottom and gained a 30% profit in line with the market average. Moreover, reclaiming the $1.1 horizontal support level was an important detail that increased hopes.
APE Coin Price Prediction
The price, which has surpassed the resistance trend line that has been in place for 260 days, is giving a bullish signal according to the RSI. The upward movement has also caught the attention of popular cryptocurrency commentators. For example, Sheldon_Sniper believes that if the positive sentiment continues, the price could rise up to $3.2.
“The 10-month downward trend now shows a potential strong breakout that could result in significant gains.”
DaanCrypto has given a similar target. Additionally, Cryptowarrior01 and VikingXBT are among the experts who share the bullish sentiment. However, for this to happen, the $1.3 resistance level needs to be converted into support, just like the $1.1 level.
The Elliott wave count below suggests that the $1.5 resistance zone could be tested, with a new correction expected at $1.22.
Despite the bullish expectations, closing below the $1.15 level of the first wave could cause the price to drop to $1.05.
