Launched with a lot of hype around it, ApeCoin (APE) has been struggling to prove that the hype was not a passing euphoria and that the project has a long-term path.
ApeCoin Will Consolidate Before Big Price Move
In the meantime, the APE price has been suffering slight drops. According to FXStreet analyst Filip L, the APE price shows a lot of indecision. Thus, it is currently not possible to see either bulls or bears trying to dictate price action as the Relative Strength Index (RSI) is decreasing.
However, he pointed out that bulls have a slight edge and this could be a buying opportunity for investors.
“Expect a bullish breakout to $15.74 with current headwinds soon to materialize in the APE price action,” he pointed out.
Also according to him, ApeCoin price reached the 78.6% Fibonacci level at $15.74 but failed. That’s because investors are putting more money into more established cryptocurrencies and altcoins like APE have yet to prove their worth.
“The EPA price, however, is set for a bullish breakout as global markets are ahead and leading a positive outcome in the Ukraine-Russia situation. With stock markets up over 1% expect this positive mood to spread to ApeCoin,” he said.
For the analyst, this will lift the price action in favor of the bulls, with the RSI rising above 50. It will then be possible to see the altcoin price return to $15.74.
He also pointed out that with price action still undecided, APE may also start a move to the downside with bulls swinging to the sell side to cut their losses or take a quick profit.
“That would mean the APE price would go back to $12.85 and close to the 50% Fibonacci at $12.63. With such a move, the RSI would drop below 50 and see the bulls waiting for the 38.2% Fibonacci level at $1.34 to appear before going long again.”