- ApeCoin The price is currently attempting a recovery as it continues to trade above the psychological $3 level.
- The tendency to recover. If it continues, the result may be of the kind that will please the traders and can reach up to $5.02 with a 40% increase in total.
- A daily candlestick near the psychological level of $3 will invalidate the recovery thesis.
ApeCoin price is currently trading well below its listing price, struggling to give investors the positive vibe they want. If the recovery trend seen in other altcoins also applies to APE, positive mood can be captured with higher levels.
ApeCoin Price Shows Signs of Recovery
ApeCoin price It is down 88% from its all-time high of $27.49. This decline lasted less than 50 days and brought the APE price below the $5.02 list price. The current strong selling pressure has emerged as a result of the bearish market structure as well as some more pessimistic developments.
The collapse of ApeCoin brought it closer to the psychological level of $3 but, as expected, a retest did not come. These developments indicate that an improvement has begun earlier than expected. As a result, APE is consolidating in hopes of a speedy recovery.
The only resistance and hurdle ApeCoin price will face seems to be the psychological level of $4, which will allow APE to retest the list price at $5.02. BThis move will total up 40% from the current position and will be at $3.57.
While the increase is likely to be limited to the above-mentioned level, further upside chances are possible if market conditions are favourable. In such a case, APE could retest the $6.09 barrier and increase the overall gain to 70%.
While the recovery outlook looks plausible, a candlestick near the psychological $3 daily level will invalidate the bullish argument. In such a case, ApeCoin price will enter price discovery mode and revisit the $2.50 level.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.