The launch of the BAYC Metaverse makes the path soar

Course (APE): $17.28 (previous day: $15.95)

  • Resistances/Short-Term Objectives: US$ 18.12 / US$ 18.48, US$ 22.63, US$ 25.60, US$ 31.31
  • Short term support: USD 16.13 / USD 15.92, USD 15.11, USD 14.60, USD 13.97 / USD 13.61, USD 12.98, USD 12.52, USD 11.44 / USD 10.44

ApeCoin Daily Forecast:

  • APE price held up well despite the overall market weakness and has been trading 10 percent higher at $17.28 since the last price analysis on April 20.
  • Announcing the official launch of “The Otherside Metaverse” on April 30th has led to more price fantasies for ApeCoin in the past two trading days.
  • Although bullish investors have not yet managed to stabilize APE price above the historic high of $18.12, it currently appears that the price is increasingly stuck in this area.
  • It is only a matter of time before the price increases to all-time highs. Above all, a price increase in time towards 25.60 USD is conceivable.
  • On the downside, the well supported monkey price continues at the $14.00 area.

Bullish Scenario (APE)

  • ApeCoin continues to avoid weakness in the cryptocurrency market in general, as it surged to a new all-time high of $18.48 in the past few trading days.
  • Although the price of ApeCoin has been trading in a sideways range a good five percentage points below the previous week’s high in the past few trading days, it seems that the renewed increase in prices is only a matter of time.
  • If ApeCoin can sustainably confirm its current price strength and form new historical highs, a rally to the 138 Fibonacci extension at $22.63 should be planned.
  • If there is no sustained profit taking at this resistance level, investors will focus on the first important target at $25.60 for the upcoming trading week. From a technical point of view, the price forecast of 161 running here is often a relevant first increase target.
  • If there is no big profit taking here either, a walk to the 200 Fibonacci level at $31.31 is conceivable over the medium term. This resistance level represents the maximum upside target price for the upcoming trading weeks.

Bearish scenario (APE)

  • If the bears can sustainably prevent a break above $18.12 and APE price settles to the south once again, focus will be placed on the $15.92-$16.13 area initially. The super trend on the hourly chart is currently in the zone of the daily lows for the last two trading days. On the first try, a rebound to the north is very likely.
  • If the APE price abandons this support area at the end of the hour, an extension of the correction to the yellow support area should be planned.
  • In particular, increased attention should be paid to the cross-support of the EMA200 (in blue) and the 61 Fibonacci retracement at $15.11.
  • The price slip below this important support can be considered as the first partial success of the sell side.
  • If the support at $14.60 is subsequently broken, the correction will immediately extend towards the historical lows between $13.97 and $13.61. The breakout level on April 20 this year extends here as well.
  • As in the previous week, it is planned to increase the resistance from the camp of the bulls in this area.

Is a retest of historical lows imminent?

  • If, contrary to expectations, this strong support area is permanently abandoned, and the 38 Fibonacci retracement at $13.34 does not provide any stability either, then the retracement move will extend towards $12.52. Another possible reversal sign can be found in the orange support area with the 23rd Fibonacci retracement.
  • If this support area is also broken, a reversal to $11.49 cannot be ruled out.
  • The maximum target price for the coming weeks remains unchanged in the green support zone between $10.91 and $10.55. Investors’ strong interest in the metaverse bored monkey makes selling below this range unlikely at the moment.
  • The RSI and MACD are trending sideways on the hourly chart. However, both indicators are currently showing weak buying signals. The same is confirmed when looking at the larger time units. On the 4-hour chart as well as on the daily chart, both indicators are also showing buy signals.

Disclaimer: The price estimates shown on this page are not buy or sell recommendations, they are just an evaluation by an analyst.

Chart images were created with TradingView created.

The exchange rate of the US dollar against the euro at the time of stress: 0.93 euros.

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