Will APE price reach $2.00 by the end of 2023?

APE price recovered from the round mark of $1.00 and witnessed recovery within a rising parallel channel in recent sessions. ApeCoin (APE) is a cryptocurrency inspired by famous NFT collectibles such as Boat Ape Yacht Club, the largest NFT project by market capitalization. APE price is heading toward the $2.00 round line, but has signaled rejection by forming an inverted hammer candle near the upper trendline of the channel.

APE prices have recovered slowly and steadily, surging more than 60%, highlighting investor interest in recent sessions. The dominance of the bulls on the technical side is emphasized as buyers continue to add to their long positions. However, Apecoin price is trading near the 200-day EMA where sellers are maintaining control and preparing for a battle. According to the Fibonacci retracement area, APE price maintains an upward trend above the 50% fib area, reflecting the bullish momentum on the chart.

Apecoin’s real-time price is $1.83 and is down 1.79% intraday, highlighting its neutrality on the chart. Additionally, trading volume increased 16.66% to $111.65 million. However, the APE/BTC pair is at 0.0000409 BTC and has a market capitalization of $234.92 million. Analysts maintained a neutral rating and suggested that the outlook for the upcoming session is volatile.

APE price forms an ascending parallel channel on the daily chart.

On the daily chart, APE price formed a higher high pattern and continued to surge amid the boom in the cryptocurrency market. However, the ongoing price action highlights the rejection of the upper trendline as buyers fail to hold onto the higher territory. Moreover, a sudden sell-off would not be surprising as sellers are adding to their short positions.

The RSI curve remained near 65, providing a negative divergence. This suggests that APE price may face a retracement and the gains will diminish in the next session. However, the MACD indicator shows a bullish crossover. This means that profit booking may be visible on the APE price chart and buyers will need to move above the 200-day EMA.

Weekly chart shows bounce from 52-week lows

On the weekly chart, APE price can be seen bouncing back from the (ATL) all-time low of $1.00, which was recently retested on March 17, 2022. Buyers then regained steam and led a smart recovery in the last few sessions.

summary

APE price surged within a rising parallel channel, crossing the critical hurdle of $1.50 and getting close to the all-important hurdle of $2.00. However, the 200-day EMA is a strain and profit booking was mentioned in recent sessions, creating a strong challenge for a bullish breakout.

skill level

Support level: $1.60 and $1.30

Resistance Level: $2.00 and $2.20

disclaimer

The views and opinions expressed by the author or others mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies or stocks carries the risk of financial loss.

Steefan George is a cryptocurrency and blockchain enthusiast with an excellent understanding of markets and technology. With a graduate degree in Computer Science and an MBA from BFSI, he is a featured technology writer at The Coin Republic. He is passionate about connecting billions of people to Web3. His principle is to write as if he were ‘explaining it to a six-year-old’ so that the average person can learn and benefit from the potential of this innovative technology.