APE price jumps 40 percent north after new speculation surrounding the Bored Ape Yacht Club Metaverse project “The Otherside Metaverse”. ApeCoin hit a fresh 30-day high at $17.33 and given the current hype about the NFT flagship project BAYC, a price increase in the direction of the historical high of USD 18.12 seems to be only a matter of time.
On the downside, the APE price is well secured in the USD 14.60 area. After a week-long sideways phase between USD 10.55 and USD 13.58, ApeCoin has gained significant price momentum in the last 24 hours of trading. The critical voices surrounding the young Altcoin seem to have fallen silent for the time being. The ecosystem coin is benefiting from renewed speculation about the “Ape metaverse” and is moving past the previous industry leader Decentraland (MANA) in terms of total market capitalization to rank 33 of the top 100 altcoins.
If ApeCoin can maintain this price momentum and overcome the 200 Fibonacci Extension at $19.98 per hour close, a walkthrough to $18.12 is likely. If the bulls also manage to dynamically overcome this price mark in the coming days, a subsequent increase up to the 261 Fibonacci extension at USD 19.47 is likely. The first investors are likely to want to make a profit here. If the APE price then stabilizes above USD 18.12, a jump in price to USD 24.29 is also conceivable in the coming trading days. If the ApeCoin can also overcome this zone in the coming weeks, further price targets of USD 27.85 and USD 30.31 will come into the eyes of investors. For the time being, the 461 Fibonacci Extension should be seen as the maximum bullish price target.
If the APE price falls back below the USD 15.61 mark in a timely manner, this can be seen as the first partial success for the seller. Already at USD 14.60, however, the bears should have a hard time pushing the APE price down further. In addition to horizontal support, the supertrend in the hourly chart also runs here. If the bear camp generates enough selling pressure and the APE price continues to consolidate, clear resistance from the buyer side can be expected at the latest at the historical high of USD 13.61. At this price level, the ApeCoin started its current price rally.
If, contrary to expectations, this support is undercut at the end of the hour, an extension of the correction to the 78 Fibonacci retracement at USD 12.98 is conceivable. In the first attempt, the APE price should find a bottom here. However, if the bears can generate enough selling pressure and ApeCoin slips below this support level, then look towards USD 12.51. In addition to the 61 Fibonacci retracement, the EMA200 (blue) can also be found at this cross support.
However, should ApeCoin correct more significantly in the coming trading days, the maximum bearish targets that can be derived for the time being are USD 12.19 (Fibonacci 50 retracment) and USD 11.49 in particular. A retest of the green support area between USD 10.91 and USD 10.55 could only no longer be ruled out in the medium term if the support mark at USD 11.49 was permanently undercut. Both the RSI and the MACD indicator are in an overbought condition on an hourly basis. This constellation should not be overstated after such strong price increases. A cooling of the indicators gives prospective air for a further trend movement to the north.