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ApeCoin Price Prediction: Why Prices may Hit the $20 Price Level

The last week has seen ApeCoin prices rally by more than 50 per cent. In today’s trading session, ApeCoin is up by more than 2.5 percent and is looking likely to finish higher by the end of the day. The session will also mark the fourth consecutive day where the prices have closed above the opening prices.

The growth of ApeCoin has come amidst a backdrop of accusations of giving its investors $1.7 billion. An analysis of the top 100 ApeCoin holders shows that they hold 52.3 per cent of all coins in circulation today. In an analysis done and released by Bitcoin News, the data also showed that the top address held 30,305,548 APE, which is over three per cent of the current total supply of the cryptocurrency. The second-largest crypto holder also had significant Apecoin holdings totalling 10,833,332 APE. This was about one percent of the total supply of the cryptocurrency.

Looking at the past 24 hours of APE activity, the cryptocurrency has risen by 3.8 percent. Despite dropping by over six per cent in total trading volume, this brings it to $1,798,122,312. However, the data from the past few sessions is showing a strong bullish trend that is likely to continue in the coming days.

ApeCoin Price Prediction

The 4-hour chart below shows the price history of the past few days, where the trend has been very bullish. The prices are already up by 2.5 percent in today’s trading session, which the last few 4-hour candlesticks can see. The prices have also set a recent price high of $18.42 before failing to break upwards. However, in today’s trading session, the price action is showing more bullish volatility.

Therefore, I expect Apecoin prices to continue with the upward trend in the next few days. There is a high likelihood of the prices trading above the $18.42 price level and approaching the $20 psychological level, and possibly breaking to the upside. However, if the prices fail to break the $18.42 price level, then it is likely that a bearish trend may develop. Therefore, my bullish trade analysis will also be invalidated.

ApeCoin 4-hour Chart