IS $APE DEAD? ๐ Fibonacci, BB & RSI Disagree! ๐ค Here Is Why ๐
Apecoin, since 2022, has seen a significant decline in value, dropping by 95% from its ATH of $28 to $1.25. Factors like relevant tokens unlock and investors shift on NFTs collections on Bitcoin and Solana blockchains, contributed in its decline. Despite this downturn, including the drop from $1.82 to $1 (on April 13), APE has finally found a stable support on S2 (view chart). This indicates a period of consolidation and in my opinion suggest a potential entry point. In fact, if we watch at the daily RSI, it outlines an oversold momentum. Also the daily/weekly bollinger bands confirms that. Not least, Fibonacci reminds us that APE's price sits even below the golden pocket area. So, according to this situation I'll implement the following strategy:
Bullish Scenario - Long ๐ข
On S2 support I'll open a long position while monitoring 4hrs volumes. In case I'm right, I'll take profit on R1 (25%) and on R2 I'll close totally my position. To mitigate losses, I'll set up my stop loss on $1.18.
Hedging Strategy - Short ๐ด
In case I'm wrong, if my stop loss triggers, I'll open a short position on $1.18 and set up a new stop loss at $1.24. In this case I'll take profit on S1 (75%). On S1, I'll re-evaluate a long (or short) according to the new and fresh data. So Stay Tuned!
Personal Note On APE ๐ต
In order to revisit its ATH, I believe APE should keep deliver in term of token utility. Also, I think it should integrate digital art NFTs with other sectors of the blockchain industry. Previous branding partnership with e.g. Formula One are good steps ahead but not enough to revert its previous massive hype.
DYOR ๐ & Remind, that's my personal analysis based on data I found relevant; However this is not a financial advise! NFA.
