Bitcoin continues to exert a limiting effect on most cryptocurrencies as it consolidates while maintaining volatility. This influence has extended to ApeCoin as well, as its price action has resulted in sideways consolidation with moderate volatility. Meanwhile, the coin has seen a price increase of just 2.54%. Let’s take a closer look at the market cues below.
APE Statistics:
Current ApeCoin Price: $0.620
APE Market Cap: $377,504,031
APE Circulating Supply: 1,000,000,000
Total Supply of ApeCoin: 1,000,000,000
APE CoinMarketCap Rank: 129
Price action in the APE/USDT market has finally rebounded off the support level at the $0.572 price mark. This occurred after the price movement hit solid ground following a steep downward correction. The latest price candle has started pushing the token’s price through the green curves of the Guppy Multiple Moving Average (GMMA) lines.
At the same time, the Stochastic Relative Strength Index (Stochastic RSI) recently delivered an upside crossover deep in the oversold region, aligning with the observed upside retracement on the price chart. However, the retracement still appears vulnerable, given the position of the Stochastic RSI and the last price candle.
The APE Market Attempts to Secure More Momentum
The ApeCoin 4-hour market price chart shows that price action is closing in on rising through all the GMMA indicator lines. The latest price candle places the market above all the GMMA lines. However, more commitment from upside forces is needed to secure a short-term continuation.
The Stochastic RSI has also risen into the overbought region. The indicator lines recently delivered another upside crossover, and they remain projected upward, suggesting that more traders continue to utilize crypto signals aiming for the $0.650 mark for short-term gains.
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