Analyst: $2.4 Resistance Significant for APE Price Development

  • Crypto Tony says APE needs to break above the $2.4 resistance to warrant a long position.
  • He revealed that climbing above this region would push APE toward $3.5.
  • Tony added that an APE price reversal was imminent, considering new APE sinks in the ecosystem.

According to Crypto Tony, a renowned investor and cryptocurrency analyst on Twitter, ApeCoin (APE) needs to break above the $2.4 resistance to warrant a long position. In a recent tweet, he revealed that climbing above this region would induce an APE rally toward the $3.5 price level.

Tony added that an APE price reversal was imminent and would happen soon, considering new APE sinks in the ecosystem. The APE sinks he mentioned are the HVMTL and the LOTM non-fungible token (NFT) categories.

The HVMTL is a new class of NFTs about to be released into the Bored Ape Yacht Club (BAYC) ecosystem. It will be used to access the Forge game, which challenges players to build up and customize a workshop and try to earn community votes for having the best space.

LOTM is a 2D standalone gaming experience powered by ApeCoin. The game builds on the Otherside Koda collection and introduces a new collection called Mara, which can evolve into Kodamara.

APE has attempted to break above $2.4 twice within two days. Each attempt was rejected, with the price falling to around $2.3. APE’s price at the time of writing was $2.314, with the market losing the newly found volatility of the past week. However, many users believe the consolidation will soon be over, and crypto prices may trend higher, including APE.

APEUSD Daily Chart on TradingView

One of Tony’s respondents agreed with his opinion and indicated that he bought APE tokens at $2. He predicted the price would climb over the current resistance at $2.4 before rallying to $3.4.

APE is one of the few digital tokens currently trading below their opening prices for 2023. After the initial rally that drove APE’s price from $3.8 to a yearly high of $6.4, the coin’s value collapsed in a significant pullback. At a current price of $2.314, APE recorded a loss of 41% so far in 2023.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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