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The Price of ApeCoin is Up 10% Today, and the Bulls Aim for the $6 Price Zone

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ApeCoin (APE) lends its name to one of the most famous NFT collectibles – the Boat Ape Yatch Club. According to market capitalization, this is NFT’s most significant project. The price surged to an All-Time High within hours of its launch, leaving everyone astounded.

In contrast, Yuga Labs, behind the BAYC, is driving Metaverse culture through ApeCoin. Are you still unsure about ApeCoin, but keen on jumping on its bandwagon? This article shows what is achievable regarding ApeCoin price forecasts in the coming weeks.

Currently, the ApeCoin Price is in question as the uptrend move isn’t delivering the same strength as in the past. A sudden dip could signal the start of a much more significant decline, so traders should be on the lookout.

Are You Setting Yourself Up for a Fall with ApeCoin?

With the bulls targeting a daily close and candlestick above the $6 price zone, ApeCoin price has increased by 10% daily. The Ethereum-based NFT token shows promise, but we must apply risk management with the utmost care.

The APE price is currently auctioning at $6.025. The Relative Strength Index (RSI) printed a strong bearish divergence earlier in the week for the APE price. Although the RSI spiked by 10%, it remains suppressed below 70. It is prudent to proceed with caution, considering this significant reading. If the $5.29 low is penetrated, traders might want to call it a day.

Source: TradingView
Source: TradingView

A second attempt at the daily low may challenge bulls’ lower liquidity levels. Besides last week’s low of $4.49, the 21-day simple moving average is $4.89. Based on our current ApeCoin price prediction, ApeCoin will reach $ 6.16 by January 31, 2023, an increase of 0.67%. 

Our technical indicators indicate a Bullish sentiment and a Neutral Fear & Greed Index. Over 30 days, ApeCoin recorded 21/30 (70%) green days and 15.27% price volatility. It’s an excellent time to buy ApeCoin now, based on our ApeCoin forecast.

Technical Analysis of the ApeCoin Price

As of January 26, 2023, 23 technical analysis indicators signal bullish signals for ApeCoin price predictions, while only two bearish signals. ApeCoin’s 200-day SMA is expected to rise in the coming month and will reach $5.12 by February 25, 2023, based on our technical indicators. 

Bullish signals
Bullish signals

The 50-Day SMA for ApeCoin is expected to reach $6.76 by February 25, 2023.

How Does ApeCoin’s Price Fluctuate?

ApeCoin’s key support and resistance levels are $5.49, $4.96, and $4.60 and $6.37, $6.73, and $7.26, respectively. Prices may be more volatile in the days to come if they break those levels.

In 2023, is ApeCoin a Good Investment?

Yes, in case it witnesses the integration of the metaverse. Furthermore, the emergence of DAOs would help show the practical utility of APE. The stronghold ApeCoin has on Web 3.0, DAO, and connections to BAYC and MAYC could lead to many collaborations and adoptions. 

ApeCoin collaborations and adoptions
ApeCoin collaborations and adoptions

APE’s price might rise on the charts if more adoption like occurs. Indeed, the quest has grown—forming its multiverse, using cartoons for real-life events, and so on. If the expectations are met, ApeCoin’s price could rise to $6.785 this year.

The project may not meet its expectations and th APE’s price could fall to $4.621 in such a scenario. Thus, the regular price would be $5.703. 

The current forecast for ApeCoin is bullish based on several technical and quantitative indicators. Perhaps ApeCoin is a good buy in 2023. ApeCoin is a significant investment, but it’s essential to consider both fundamental (on-chain activity) and technical factors (price history).

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