Despite the general market correction, the growth of Apecoin (APE) by 15% is surprising. Dogecoin, which has been struggling with setbacks for some time, is busy recovering this level as it broke the support of $0.1366 downwards. Can the price of DOGE drop to $0.12? At what levels are Apecoin sales concentrated? We will respond with a technical analysis.
The price of ApeCoin enters a downtrend after reaching the ATH level
ApeCoin reached its local high in less than 24 hours and saw strong sales from higher levels. On the other hand, the base collectible price of NFT Bored Ape Yacht Club recently reached the ATH level of 124 ETH. ApeCoin, distributed to NFT holders, was collected in response to an increase in the base price. Analysts believe that the recent pullback can be considered a healthy correction before the rise in the price of ApeCoin.
Analyst Ali Martinez expects a drop to the support zone between $14.4 and $13.7. This correction may lead to an increase in purchase orders and raise the price of APE to $20. The analyst believes that a steady close below the level of $ 13.40 can refute the bullish thesis and lead to big losses for the NFT token.
The Dogecoin price Doesn’t Have Much Appeal
The Dogecoin price is approaching a very narrow range, which may scare investors away from the notorious meme coin. Currently, the DOGE price is trading at the lower level of this week and is expected to test the $0.1337 level set on Monday. We can say that it is trading in a descending triangle until proven otherwise. Sharing the chart below, analyst Tony Monpeyrouse says that the Dogecoin price may not pass resistance tests for some time:
The DOGE price may continue to rise during the week, forming lower highs (LH) and higher lows (HL). The volume profile does not show much volatility in the market, so even small resistances can be quite difficult.
Tony Montpeyrus, whose analysis we share as Somagnews, is waiting for a close above $0.15 to invalidate the bearish thesis. If the price can bounce back to the reference level of $0.15, bulls can conquer most of the $0.18 zone, which will lead to an increase of 30% compared to the current DOGE price.