The ongoing lack of interest has led some metaverse coins into an indecisive state, including Apecoin, which currently trades flat following an extreme drop in volatility. It increased by 0.2% in the past hours.
Bored Ape Yacht Club‘s ApeCoin (APE) entered a critical trading level following a brief recovery from the $3.6 level in early March. It lost momentum and showed signs of weakness after failing to advance higher.
The past days of contraction have brought some calmness in price actions, indicating a potential rally is underway. We can see the build-up is in play on the daily graph. However, it may look boring at the moment. But we can expect a massive expansion to take place in the next couple of days. Despite the lack of bullish market activity, the Bored Ape Yacht Club ecosystem remains highly active and continues to thrive in 2023.
While anticipating the next move, we can expect a drive toward the downside if the price breaks lower. In the opposite direction, a breakup could activate a fresh rally to the upsides.
However, it is essential to wait for a clear break sign before we can determine the next actual direction of the market. The current market condition is subjected to choppy price actions. The daily volume indicator is fading low on a yearly scale.
On the 4-hour chart, the leading metaverse coin continues to maintain a sideways movement. Despite undergoing a serious volatility squeeze for days, it remains the best-performing metaverse coin by market cap.
APE’s Key Levels To Watch
The vital support level to consider for a down surge is $4. Lower support levels to watch below are $3.6 and $3.26. If they fail to hold firmly, the next selling target would be $2.8.
Considering an upsurge, the potential level to keep in mind is $4.49 and $4.77, around the resistance line, before rising to $5.25 in the future.
Key Resistance Levels: $4.49, $4.77, $5.25
Key Support Levels: $4, $3.6, $3.26
- Spot Price: $4.2
- Trend: Neutral
- Volatility: Extremely Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: alexandrarilich/123RF // Image Effects by Colorcinch
