Key Takeaways:

• The Apecoin price closed the previous day’s trade at $5.37 with a market capitalization of $1.67 billion and a circulating supply of 306.87 million APE
• After dropping nearly 35% since the beginning of the month, APE price is maintaining an ascending consolidation aiming to regain the lost levels 

Technical Analysis for August 2022

Apecoin price has experienced a drastic fall ever since it reached the peak close to $28 a couple of months ago. Since then the asset is maintaining a stagnant trend with depleted volatility and volume. It was speculated to regain a double-digit figure as the price action was incremental, but the latest drop hindered the rally. 

The APE price after reaching the monthly lows below $5 rebounded slightly and currently has plateaued. While the monthly close is on the cards, the drop in the volatility may deeply impact the price which could remain stuck around $5.5. In case of an inflow of liquidity, a minor rise beyond $6 or $6.2 may be expected.

Technical Analysis at a Glance

Apecoin began to trade with a bang and despite plunging hard, surged notably but fell an inch short of forming a new ATH. Since then the price has been dropping heavily, discovering new lows every new day. However, as it flipped during mid of June, it was believed that the price may now regain the $10 mark but faced rejection on its way. 

No notable price variations may be expected in the coming days, as it is constantly failing to attract liquidity onto its platform. Therefore, a consolidated trend may continue until the markets turn bullish.

Technical Indicators & Pivot Levels

Pivot Levels

The bears have completely dominated the rally and hence the asset appears primed to plunge hard in the coming days. While most of the indicators are bearish, the strength of the rally is also collapsing. Hence these factors may drag the price below $5 again and compel it to hover around these ranges for an extended period. 

However, in the long-term, one can expect a significant jump as MACD is somewhat bullish and hence a rebound may also follow the plunge later. 

ON CHAIN METRICS Analysis

• The supply on exchanges has risen sharply to reach the highs ever since the market collapsed in May 2022.

Source: Santiment

• The percentage of the holders holding more than 100K APE tokens has been on the rise in the same time

Source: Santiment

• The Daily Active Addresses which had spiked just before the May Crash, have been depleting and in the past couple of days, have dropped to a 3-digit figure

Source: Santiment

Apecoin (APE) Technical Analysis for Short Term

Source: Tradingview

• The APE price in the short term in trading within a bullish falling wedge pattern and indicates the possibilities of a breakout any time from now
• As the price has experienced a couple of rejections along the resistance in recent times, a slight descending movement may be expected followed by a notable upswing
• Pulling a significant leg up, the price may initially range beyond $6 and after withstanding a bearish pressure at these levels may test the upper crucial resistance zone between $6.3 and $6.4
• If the asset tests and clears the resistance zone, it may eventually rise above the monthly highs

Apecoin (APE) Technical Analysis for Long-Term

Source: Tradingview

• The APE coin despite a hefty drop from the highs, prevented the rally to hit the rock bottom levels at FIB 0, below $1
• Currently, the asset faced rejection in an attempt to surpass the immediate 0.23 FIB levels at $7.18
• However, the rally has bounced off from the lower bands of the Bollinger bands, indicating the revival of an upswing
• Therefore, the price may surpass these levels initially and may consolidate for some time below the 0.23 FIB zone before breaking it

Additional Read: What Is ApeCoin?

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