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HomeCryptoApeCoin has broken out of a multi-week downtrend line, should I go...

ApeCoin has broken out of a multi-week downtrend line, should I go long? money moguls

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Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.

  • PSA has decreased by more than 20% in recent weeks.
  • However, the bulls saw a glimmer of hope after crossing the downtrend line.

Application Currency (APE) Facing the repulsive forces ahead. Specifically, the NFT coin fell 20% from $6,417 but held steady around the $5,000 level.

Part of the decline was due to a planned $40 million worth of token unlock, scheduled for mid-March. of BTC The drop in early February also put more selling pressure on APE.


Reading Apcoin (APE) Price Prediction 2023-24


But BTC’s recent recovery from the $25K level led APE to break above a major multi-week downtrend line. Furthermore, OpenSea’s low fees and royalties to compete with rival upstart Blur could further increase the value of the NFT token.

Where will APE investors look to profit amid the opposing forces in the coming days/weeks?

Source: APE/USDT on TradingView

At press time, APE closed above the downtrend line, indicating a bullish formation. But he was about to retest to confirm if the uptrend would continue.


Is your wallet green? Check it out APE Earnings Calculator


Long-term bulls may look to take profits near the overhead resistance at $6,110, $6,417, or $6,938. Such a bullish move could be contingent on BTC breaking above $25,000. But the bulls will have to wait for confirmation of the uptrend if APE retests the downtrend line and moves higher.

On the other hand, bears could benefit from short selling opportunities near $5,374, $5,164 or $5,000. Sellers can wait for a close below the downtrend line and confirmation of the downtrend before making a move.

However, intense selling pressure, especially from the token unlock in March, could see APE drop as low as $4,491. Therefore, investors should keep track of the BTC price action and the planned token unlock.

APE open interest rate slowed down

Source: Coinglass

According to Coinglass, APE open interest (OI) remains at its lowest level since late January. That meant more money flowed out of its futures market, bearish sentiment that weakened January’s bullish momentum.

At the time of writing, the OI is skewed, which means that demand for NFT tokens has leveled off, which could be faking a break above the downtrend line. But a rise in OI and a surge above $5,602 will tip the bulls to target the overhead resistance.

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