Is It Too Late to Buy ApeCoin? APE Price Pumps 3% as New Telegram Crypto Casino Prepares for Grand Opening
Amid 8-months of downside price action, the governance token for Bored Ape Yacht Club (BAYC) – ApeCoin (APE) – has pumped +3%, as price finds feet – traders are asking ‘is it too late to buy ApeCoin’?
The uptick in price action comes as ApeCoin bag-holders attempt to mount consolidation, following the recent loss of the 20DMA on October 3.
Upside movements have been triggered by a small recovery in the BAYC floor price in recent weeks.
Indeed, BAYC holders were in a state of despair as floor price sank to 22.79 ETH on September 14, however, a surge in interest has now driven a +11.84% increase in floor price in the weeks since, with BAYC NFTs now sat at a more respectable 25.49.
However, this still leaves many BAYC holders underwater, with the floor price down -80% from the all-time high on May 1 2022.
ApeCoin Price Analysis: Is it Too Late to Buy ApeCoin?
As BAYC holders undertake a small recovery, ApeCoin has followed suit, with APE currently trading at a market price of $1.037 (representing a 24-hour change of -0.48%).
This comes as ApeCoin bulls attempt to mount consolidation above the $1.00 price level, in a move aiming to reclaim the 20DMA (sat at $1.12).
Indeed, the 20DMA has formed the key level to watch for much of the past 8-months of price action, with price failing to establish a foothold above the moving average since February 8 – amid a catastrophic cascade.
The 200DMA – a level untouched since April 18 – remains high above price action at $2.44.
A silver lining emerges in from the RSI indicator, which has cooled-down significantly throughout October, and is currently signaling bullish oversold divergence at 33.50 – a suggestion that price could push up from here.
However, this contrasts with the MACD – which signals fleeting momentum – as bearish divergence grows to -0.004.
Overall, ApeCoin looks weak here – below the 20DMA in the midst of a complete bleed-out, however, a week of consolidation – matched with a bullish RSI could signal an incoming re-test of the 20DMA.
This leaves ApeCoin with an upside target at $1.20 (a possible +16.17%).
While downside risk here is significant at the psychological level of $0.80 (a potential -22.56%).
ApeCoin’s short-time frame risk: reward ratio therefore stands at 0.72 – a bad entry, characterised by downside price exploration.
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