APE’s price doubled this week. The jump came right after ApeChain launched and APE staking began. The token’s RSI hit 78, showing heavy buying.
Also Read: Goldman Strategists Declare End to Decade of US Stock Market Gains
Analysts Predict ApeCoin’s Future After ApeChain’s Successful Launch
Big Investors Pull Back
Large holders are selling their APE. Wallets holding 1-10 million APE fell from 175 to 166 last month. This shows that big investors don’t trust the current price rise, even after ApeChain’s launch.
Warning Signs
The RSI shot up from 35 to 78 quickly. This fast rise means APE might be overvalued right now. Many traders expect prices to drop soon.
Also Read: Cryptocurrency: Meme Coin Hunters on the Rise, Turns $296 to $620,000
Key Price Points
APE needs to break past $1.82 and $2.07 to keep rising. It has support at $1.10 and $0.94. If prices fall below these points, APE could drop to $0.54 – a 60% loss. Trading volume is up at these prices.
Future Price Predictions
“Meme Coin like APE will hardly skyrocket in 2024 as we have seen in the past. As per our forecast, the average price of ApeCoin can be around $2.05 in 2024. If the market goes as per our expectations, the maximum trading price of ApeCoin can be around $3.19 in 2024,” states Telegaon.
This careful prediction shows meme coins aren’t as hot as before. But CoinCoidex thinks differently: “According to our current ApeCoin price prediction, the price of ApeCoin is predicted to rise by 237.66% and reach $ 5.01 by January 20, 2025. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 70 (Greed).”
Also Read: Can Litecoin (LTC) Rise To $200 During The Rest of 2024?
These two very different predictions show experts can’t agree on APE’s future. Telegaon sees modest growth up to $3.19. CoinCoidex expects a huge 200% gain soon. Right now, the market data and big investor moves support Telegaon’s careful outlook.
Credit: Source link