ApeCoin (APE) suffered a punishing reversal this past week, with the cryptocurrency plummeting nearly 20% to hover precariously below its immediate support zone.
This sharp selloff comes amidst a spike in trading volumes, leaving APE vulnerable to further declines as traders weigh whether bears or bulls will prevail next.
ApeCoin Price Prediction as APE Price Struggles to Hold Support After Rejection
After rallying to a local high of $1.288 on October 2, APE faced firm rejection at the key reverse Fib retracement level of 0.786 at $1.288. This rejection catalyzed the start of the ongoing selloff, with APE now trading down near the swing low support zone of $1.033 to $1.107.
With the APE price down 4.96% so far today to $1.034, bulls are battling to defend support. However, the robust 54.14% surge in 24-hour trading volumes to $33.2 million suggests sellers remain in control.
APE Indicators Flashing Oversold – But For How Long?
The daily Relative Strength Index (RSI) on APE now stands at 32.06, sharply down from yesterday’s 36.97 reading. This shows rapidly deteriorating momentum and nears oversold territory below 30.
Additionally, the MACD histogram produced a bearish crossover today at -0.001. This highlights building downside momentum that could place further pressure on the APE price.
Upside Targets and Downside Risks
To the upside, the first target for APE bulls is the 20-EMA currently near $1.143. Beyond this, the 50-EMA at $1.294 and the Fib level of 0.786 at $1.288 represent the next layer of significant resistance.
To the downside, losing the swing low support at $1.033 exposes APE to further declines. The next notable support zones come into play around the psychological $1.00 level and the extended reverse Fib 1.236 level at $0.807.
After facing rejection at a key Fib level, the ApeCoin price continues bleeding lower while defending crucial support. With oversold technical readings hinting at bounce potential, bulls need to overcome initial resistance to invalidate the downtrend.
As selling pressure mounts on ApeCoin, Launchpad XYZ offers a contrasting narrative. The upcoming AI crypto signals platform focused on education, trading tools, and more has attracted huge presale interest for its vision of a user-friendly Web3 portal.
Launchpad XYZ Raises Over $1.86 Million in Ongoing Cryptocurrency Presale
Launchpad XYZ has raised over $1.86 million through its ongoing cryptocurrency presale, putting it one step closer to becoming a comprehensive portal for all things blockchain.
The platform, slated to launch before the end of 2023, will be a user-friendly entry point for both crypto newcomers and seasoned traders.
“Easy access to the best projects in the blockchain space,” is how Launchpad XYZ CEO Terence Ribaudo describes the platform’s core offerings.
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Learn, Trade, and Explore Web3 with Launchpad XYZ
Through its LearnWithLaunchpad program, the platform plans to provide educational courses and training materials for individuals just getting started in crypto.
More experienced users will have access to robust analytics, trading signals, and a daily newsletter called Trading Edge promising “market-leading alpha.”
Beyond trading tools and educational resources, Launchpad XYZ aspires to be a centralized hub for all Web3 needs.
The platform is developing a peer-to-peer NFT marketplace, a decentralized exchange, and will host new NFT mints and play-to-earn games among other web3 projects.
An integrated wallet is also in the works to keep user digital assets secure yet easily accessible.
Launchpad XYZ’s LPX Utility Token Offers More Than Just Access
The $LPX token will play an important role in the Launchpad XYZ ecosystem. Holding $LPX will grant platform access and unlock premium features like staking yields, whitelist access, and partner discounts.
These incentives could lessen selling pressure on $LPX when it eventually gets listed on major crypto exchanges, as users are encouraged to hold the token to access the platform’s offerings.
The token aligns with Launchpad XYZ’s goal of appealing to a broad crypto audience. Through its LPQ ranking system and Apollo features, the platform is developing an AI-powered trading tool to provide robust analytics and trading signals even for novice traders.
With plans to be a comprehensive, user-friendly crypto platform, Launchpad XYZ is ambitious. But its utility token $LPX will be more than just a ticket to the platform.
As Launchpad XYZ gears up for one of 2023’s most anticipated crypto launches, the platform is laser-focused on delivering on its ambitious vision to be a one-stop hub for all things blockchain.
With presale momentum building, the countdown is on for token holders eagerly awaiting access to this potentially game-changing portal.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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