Apecoin Price Prediction: Could Apecoin hit $10 in 2023?

Key Takeaways:

• The Apecoin price raised notably since the beginning of 2023 and surged by more than 40% to reclaim the levels beyond $5
• The ongoing bullish momentum is expected to prevail for an extended period until the APE price reaches a double-digit figure by the end of 2023
• Apecoin is gaining notable attention as a notable rise in the number of addresses has been witnessed in recent times

Additional Read: Solana Price Prediction

Apecoin Price History

• Apecoin, the product of Yuga Lab’s Bored Ape Yacht Club Project began to trade with a blast and marked the highs at around $28 in 2022
• Despite a bearish pullback to $10.34, the price regain bullish momentum to surge beyond $27 within a month in May 2022
• However, with the collapse of the Terra ecosystem, the crypto markets slashed heavily including the APE price that dropped close to $3 
• Despite a rebound, the price again dropped heavily to mark the bottoms at around $1 in the last few days of 2022. 
• Since the beginning of 2023, the price has been largely bullish and slowly reclaiming the lost positions 

Apecoin Technical Analysis

Source: Tradingview

• The Apecoin price switched to surging mode as soon as the markets entered the 2023 trade and maintained a notable upswing 
• The price after testing the lower bottom of the channel has risen notably to reach the upper resistance and despite acute bearish pressure, the price remained above the average levels heading back towards the upper resistance
• The price is trending in an ascending manner in the short term and hence it is believed to remain inflated until it regains the levels above $10
• However, the path towards $10 does not appear to be easy as a couple of barriers have been placed at $6, $7 and $7.5.

Overview of Apecoin On-chain Analysis:

Apecoin Daily Active Addresses

Source: Santiment

The Daily active addresses represent the number of addresses that interact with the platform regardless of whether the market participants are buying, selling, or performing a swap trade. A rise in the metric indicates the positive momentum prevailing within the crypto space as more traders jump into the platform. However, the levels have slightly plunged due to which the price could experience a slight pullback in the coming days.

Supply on Exchanges

Source: Santiment

The supply on exchanges indicates the percentage of the tokens held by them in their wallets. It also indicates the presence of liquidity required to carry out trade within the platform. However, if the supply on exchanges increases, it means the traders have transferred their tokens to the exchanges intending to sell them or transfer them to other platforms. Besides a drop, that in the case of Apecoin signifies that the traders are constantly moving out of the exchanges.

Apecoin MVRV Ratio (30 days)

Source: Santiment

The MVRV ratio is nothing but a comparison between the mean value and the realized value and also signifies whether the token is undervalued or overvalued. Presently, the MVRV ratio has risen notably high which indicates that the value of the token has risen significantly and hence is ranging above the average ranges, within the positive levels. However, this always carries the possibility of rejection as the token does not remain within the overvalued region for a long time.

Apecoin Price Prediction for 2023

Apecoin price began its trade by marking highs close to $30 in 2022 and quickly fell into a deep bearish trend which slashed the price close to $1. However, the price appears to have rebounded but the confirmation of the upswing could be when the price reclaims $10 which is expected during the second half of 2023.

However, to do so, the token was believed to slice through a couple of barriers that has hindered the rally to a larger extent. Once the price breaks above $8, the bulls are believed to regain their dominance and hence by the end of 2023, a fine upswing above $10 to mark the highs around $12 is quiet possible. 

Apecoin Price Prediction for 2024

With a bullish close in 2024, the APE coin is believed to continue with a notable upswing but, may eventually fail to lay down a bull run. However, the token is believed to be preparing for a notable bull run which is believed to begin during the second half of 2024. Similar to the previous rallies, the crypto markets could tighten their grip over the bull market in the last few months of the year. 

During the H2 2024, the APE price may begin rising high but with a lowered pace initially to reach levels close to $20. Further maintaining a similar momentum, the price may reclaim the levels beyond $25 but could be restricted below its ATH to around $28. Therefore, by the end of 2024, the APE price may trade around $22 to $24 after experiencing a notable rejection before the levels close to its ATH.

Additional Read: Top Metaverse Tokens In 2023

Apecoin PRICE PREDICTION 2025-2030

The Apecoin price may soon test the levels at its ATH in the first few days of 2025 and quickly form a new one and hover around $38 to $45 by the end. Later in 2026, the price may remain consolidated to avoid extreme bearish action as the price could be approaching the milestone at $50 and after sustaining bearish action may range between $55 to $58 by the end.

 Further, the price may accumulate strength by diminishing its volatility in 2027 and the first few months of 2028 due to which the price may trade within very narrow regions. As the trades step in the 2029 trade, the prices may begin to rise, discarding the possibilities of a bearish interference. Hence, by the end of 2030, the APE price may remain around $75 to $80 and may even try to reach a 3-digit figure too.

Should you invest in Apecoin in 2023? 

Apecoin has a very small history of trade and the past year began its first bear market. Multiple platforms emerged and numerous tokens were released. However, Apecoin continues to rise high even after undergoing significant bearish pressure. Hence may be considered for investment. But before that, a deep knowledge of the market sentiments and a close look of the price movements is imperative

FAQs