Our ApeCoin price prediction depends on the price breaking out of the downtrend and avoiding a lower low. APE coin price has been in a severe downtrend since breaking down below $10. Currently, it is trading at $3.45 and hence 87% below its April 2022 ATH of $26.7. Earlier this week, cryptocurrency ApeCoin dipped to the $3.06 level as Bitcoin price tagged $20k for the first time in 18 months.
The ongoing rate hikes by US FED have sent most cryptocurrencies into a downward spiral. As a result, many altcoins are trading at a fraction of their 2021 all-time highs. Moreover, analysts believe the downtrend may continue in the next few months as inflation has exceeded everyone’s expectations.
According to ApeCoin news today, the AIP-41 proposal has been passed. The proposal was in favour of keeping ApeCoin on Ethereum. Another three ideas have also been posted on Discourse for voting in this week.
APE crypto was distributed to the holders of Bored Ape Yacht Club NFTs in March 2022. The coin reached a high of $26.7 in April due to the Otherdeed Landsale from Yuga Labs. However, the euphoria was short-lived, and the price faced brutal rejection from that level.
ApeCoin Price Prediction
Technical analysis of the APE USD price chart shows that the coin has failed to break out of the downwards trendline. The recent low of $3.06 also perfectly aligns with the measured move of the breakdown from the symmetrical wedge. Therefore, a lower low than $3.06 might make our ApeCoin price prediction even more bearish.
On the other hand, a break out of the downwards trendline could be the first step towards recovery. The next step would be reclaiming the $5.28 level, which has previously acted as a support and aligns with the 0.5 Fib level. This Fib level comes into play by connecting the May 2022 high of $7.48 to the recent low of $3.06.