As the Metaverse coin market is on the rise again, analysts say that the price of Apecoin (APE) may adjust slightly before the uptrend.
The price of ApeCoin (APE) is preparing for the next uptrend
Since April 10, the price of ApeCoin has been steadily rising, with the latest spike being set at $19.62, the ATH level. The last three fluctuations are notable in that they draw a trend line connecting these points to show a steady uptrend. On the other hand, the RSI has issued three consecutive LL levels, which indicates a bearish trend. This technical pattern shows that momentum decreases as the price of ApeCoin rises. Analysts note that such an installation often leads to a slight correction in the market value of APE.
The ApeCoin price correction is expected to slow down near the previous ATH level of $17.46. However, overcoming this obstacle may allow APE to reach the upper limit of the trading range at $15.61. This pullback represents an overall movement of 15% and is most likely the level at which margin investors can enter the market. As a result, growth should target the 100% recovery level at $22.04, where ApeCoin can set the ATH level. If this scenario happens, buyers at the price of $15.61 will receive a profit of 40% when the price of ApeCoin reaches $22.04.
Metaverse Coin Price Forecasts
While technical indicators point to a slight downtrend, 24-hour active addresses point to a different scenario, having increased from 4132 to 5639 in the last 24 hours. This 36% increase indicates that investors are actively trying to participate in the ApeCoin price movement at current levels. Interestingly, this index opposes the bearish trend relative to the RSI. As a result, traders looking to shorten the upcoming correction should be careful as it may be a short-term squeeze. According to analyst Akash Girimat, if the price of ApeCoin falls below $15.61 on the four-hour candle, the bullish thesis will be invalidated and will open the door for a further decline to $ 12.56.
