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ApeCoin price to present buying opportunity at $12

  • ApeCoin price action remains extremely volatile and warns of a potential drop from its recent highs. 
  • A pullback is necessary to put bulls’ convictions to test. 
  • Significant upside and downside potential exist, with tremendous risk on both sides of the market. 

ApeCoin price continues to slide steadily south after reaching the much anticipated $14.50 value area. While buyers are attempting to establish a support zone near $13.50, the participation thus far has been weak, indicating a deeper retracement is increasingly likely. 

ApeCoin price to test its 50% logarithmic retracement near $12 before moving higher

ApeCoin price action is among the newest and most volatile in the cryptocurrency space. However, despite how new APE is, technical analysis can still be utilized. 

From a price action and Ichimoku perspective, ApeCoin price looks primed for deeper retracement - perhaps the deepest it has experienced this far. The 50% logarithmic Fibonacci retracement is at $11.86, with the second-largest high volume node at $12.00. 

If ApeCoin completes an hourly close at or below $12.35, that would put APE below the Kijun-Sen and into a wide-open space to push lower towards the $12 value area. However, bears may not want to get overly confident of a steep pullback. 

If ApeCoin price returns to close above the Tenkan-Sen, currently at $13.77, it will trigger a bullish re-entry option in the Ichimoku Kinko Hyo system. ApeCoin would likely hit and then exceed the $15 value area in that scenario. 

APE/USDT 1-hour Ichimoku Kinko Hyo Chart

Traders on both sides of the market should be aware of the exceptional volatility of new crypto listings, especially those in a new and still developing classification focusing on NFTs. Instruments like ApeCoin price are perhaps some of the most volatile issued tokens in cryptocurrency history. Expect massive whipsaws higher and lower until equilibrium is established on longer time frame charts like the daily or weekly. 

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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