As the metaverse coin market is on the rise again, analysts say that the price of Apecoin (APE) could make a minor correction before the uptrend.
ApeCoin (APE) price poised for the next uptrend
Since April 10, ApeCoin price has been rising steadily, with the latest spike set at $19.62, the ATH level. The last three fluctuations are remarkable because they draw a trendline connecting these dots to show a consistent uptrend. On the other hand, the RSI has produced three consecutive LL levels, indicating a bearish trend. This technical pattern shows that the momentum is decreasing as the price of ApeCoin increases. Analysts note that this setup often results in a minor correction in APE’s market value.
ApeCoin price correction is expected to slow down around the previous ATH level of $17.46. However, breaking this hurdle could allow APE to target the upper limit of the trading range at $15.61. This pullback represents an overall move of 15% and is likely the level at which marginal investors can enter the market. The resulting rise should target the 100% retracement level at $22.04, where ApeCoin could set the ATH level. If this scenario happens, buyers at $15.61 will profit by 40% when ApeCoin price reaches $22.04.
As we covered in the metaverse coin news ofKriptokoin.com, ApeCoin’s Discord server was hacked earlier this month. Details can be found here.
Price predictions for Metaverse coin
Technical indicators point to a minor downtrend, while 24-hour active addresses point to a different scenario, rising from 4,132 to 5,639 in the last 24 hours. This 36% increase indicates that investors are actively trying to participate in the ApeCoin price action at current levels. Interestingly, this index opposes the bearish trend seen against the RSI. As a result, traders looking to shorten the upcoming correction should be cautious as it could be a short-term squeeze. If ApeCoin price dips below $15.61 on a four-hour candlestick, the bullish thesis will be invalidated and open the door for more declines to $12.56, according to analyst Akash Girimath.
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