V-shaped recovery in Apecoin price target next $6.45 mark

Bored Ape Yacht Club NFTs undoubtedly entered the consciousness of the public. It happened because many high-profile names now own one of such premium digital assets. The current release of ApeCoin added another ape-based asset to the crypto market. It could have great potential in the upcoming days.  If you want to get started with Bitcoin mining, check the bitcoin buyer.

A five-day winning streak in the price of Apecoin reclaimed the resistance of $5 psychological resistance. It tagged another $5.63 resistance. A possible breakout from such resistance will be offering a higher footing for prices for bolstering more rallies in price. Yet a long wick rejection attached to the everyday candle will indicate the buyers face supply pressure at such resistance. Thus the correction phase may not be over yet.

Price history of Apecoin

Before you move in and purchase Apecoin, it would be wise to understand what it is and how it works. The coin is entirely new to the market of crypto. But the information surrounding this project already looks promising. Because of this, investors have started to pay attention with the hope of achieving market-beating returns.

Apecoin is one ERC-20 token that has been designed for utility and governance. It is hosted on the Ether blockchain. It is a decentralized autonomous organization aiming to grow the coin in the upcoming years.

There is a maximum supply of 1 billion APE tokens and a current circulation of 277.5 million. The current price gives this token a market cap of $4.02 billion. Thus it is the 45th largest cryptocurrency worldwide.

Firstly it was distributed to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs. It was as a reward for ownership. Bored Apes’s original owners received 10,094 tokens. It equates to more than $150,000 at present prices. An overall 15 percent of APE tokens were allocated to holders of NFT, with 47 percent provided to the DAO. It was for growing the project in the coming years.

Significant points from the price analysis of Apecoin

The breakout of $5.63 could push the price by 14.5 percent to hit $6.45. The increasing prices reclaimed the 20 and 50-day EMA providing huge confirmation for one bullish recovery. Apecoin’s intraday trading volume is $475.6 million. It indicated a gain of 146 percent. The price of Apecoin plunged due to the V-top reversal. It was to shared support of nearly 0.786 Fibonacci retracement level of almost $4.178. Yet, amid a sudden recovery in the cryptocurrency market, altcoin bounced back from such support.

Such a bullish reversal raised the price of Apecoin for five consecutive days. It accounted for 33.5 percent growth. Yet the bull run was seen to breach the urgent $5 resistance. It hit $5.63 local resistance. With a pump of 10.68 percent, the coin’s price shows an opportunity for the breakout from the resistance mentioned above.

A retracement to such a low level as 0.786 FIB indicates a weak bullish momentum. Thus, the price action requires more confirmation to show the prior correction phase has closed. So a bullish breakout of resistance of $6.45 is required for obtaining a recovery chance for holders of Apecoin. Doing it will motivate buyers to a jump of 17 percent. It will challenge the last swing of $7.6 high resistance.

On the contrary, if the Apecoin reverted from the resistance of $5.63 or $7.6, the holders of the coin will still be under the threat of correction.

Some current technical indicators:

RSI indicator: The everyday-RSI slope moves above the neutral line. It indicates the sentiment of the market has become positive. $5.63 and $6.45 are the resistance levels. Support levels are $5 and $4.1.

Bollinger Band indicator: The coin’s price hits the upper indicator band. It indicated buying activity exceeded the deviation of the usual price. So, this retest will likely be followed by minor correction before the bull run continues.

Conclusion

Today the price of Apecoin is still up more than 193 percent from its launch price. It hints that investors do see a promising future for it. Yet as people investing in Bitcoin will be aware, crypto prices can be highly volatile, mainly those listed on the exchanges.