ApeCoin Price Prediction: Why $3 Can Drive an Uptrend?
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- ApeCoin is an ERC-20 governance token that is used within the APE Ecosystem to empower DeFi community.
- The world’s largest cryptocurrency has dropped 30 percent since last week as a result of a higher-than-expected reading for US inflation.
- A surge in Apecoin demand can help us capture a buy trade above $3.05 with a stop loss under $3 and a take profit of $3.90 and $4.50.
On Wednesday, the Apecoin price prediction is likely to exhibit a bullish reversal above $3.05. Due to the bearish BTC prices, which affect practically all cryptocurrencies because it is the world’s most popular coin, the Apecoin (APE) price failed to reverse its previous day’s bearish trend and hit an intra-day low of around $3.35. The cryptocurrency markets have been extremely volatile in the last 24 hours, with Bitcoin once again falling below the $20,000 mark.
ApeCoin is an ERC-20 governance and utility token that is used within the APE Ecosystem to empower and encourage decentralized community building at the forefront of web3. At the time of writing, the price of ApeCoin is $3.35 USD, with a 24-hour trading volume of $288,821,531. Over the last day, the value of ApeCoin has fallen by 11.93 percent.
With a live market cap of $979,887,536 USD, the market is now ranked 43rd. The maximum number of APE coins that can be produced is 1,000,000,000, with 292,187,500 currently in circulation.
Apecoin Price prediction – Bearish Crypto Market in Play
The cryptocurrency market has been raising red flags since the beginning of the week. Given that Bitcoin (BTC) is currently the most widely used cryptocurrency, this can be inferred from the recent significant price drops. As Bitcoin reaches its current low, the cryptocurrency market continues to fall and appears to be heading for further losses.
A significant support level for the top-ranked cryptocurrency by market value is approaching, and if bulls are unable to hold it, BTC’s price may fall back to its 2020 range. The current price of one bitcoin is $21,307.94 USD, with a 24-hour trading volume of $41,865,670,839 USD. The price of Bitcoin has dropped 5.73 percent in the last day.
The world’s largest cryptocurrency has dropped 30 percent since last week as a result of a higher-than-expected reading for US inflation. The focus now shifts to how the coin will react to a Fed rate hike later in the day. BTC fell when the Fed raised rates in early May, and it’s possible that it will fall again this time. If this decline continues, technical indicators suggest that BTC could fall as low as $13,000.
The decline of the token is caused in part by broader industry uncertainties. Hayes predicts disaster for the cryptocurrency market if Bitcoin and Ethereum fail to stay above those levels. Despite the fact that BTC and ETH are at critical support levels, the market appears to be bracing for further losses as the FED begins to raise interest rates. Hayes added. These decisions have a negative impact on almost all cryptocurrencies, including APEcoin.
US Dollar and APE Coin
The recent declines in US dollar prices, on the other hand, had no effect on the APE price. Despite expectations that the US Federal Reserve would raise interest rates aggressively, the US dollar fell in Asia on Wednesday morning. The US Dollar Index, which compares the US currency to a basket of other currencies, fell 0.23 percent to 105.27. China’s industrial production increased 0.7 percent year on year in May, according to official data released on Wednesday, exceeding market expectations.
The April figure fell by 2.9 percent, compared to the 0.7 percent drop predicted. However, recent COVID-19 outbreaks and the resulting restrictions have raised concerns about the country’s hazy recovery trajectory. The Fed will announce its decisions later in the day. Because of the consumer price index’s (CPI) 8.6 percent year-over-year increase in May, the central bank is expected to raise interest rates by 75 basis points.
Apecoin Price Prediction: Can $3 Drive Uptrend?
The APE/USD hourly chart shows potential for a bullish bounce-off above the significant support level of $3.04. The formation of a Doji candle increases the odds of a bullish reversal in the APE coin. That, with the RSI coming out of the oversold zone, and the MACD showing us a bullish crossover, can drive an uptrend until $3.90.
A surge in Apecoin demand can help us capture a buy trade above $3.05 with a stop loss under $3 and a take profit of $3.90 and $4.50. Good luck!
