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APE Price Analysis for May 2

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Mon, 2/05/2022 - 14:51
APE Price Analysis for May 2
Cover image via www.tradingview.com

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The new week has started with the relative bounceback of the cryptocurrency market as most of the coins are in the green zone again.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

APE/USD

ApeCoin (APE) could not follow the rise of other coins, falling by 10%.

APE/USD chart by TradingView
APE/USD chart by TradingView

On the local time frame, the altcoin has made a false breakout from the formed $14,9134 level.

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However, if bulls seize the initiative and return the rate to the resistance at $15.53, the rise may continue to the $16 mark.

APE/USD chart by TradingView
APE/USD chart by TradingView

On the bigger time frame, the situation is neither bullish nor bearish. At the moment, one needs to pay close attention to the daily closure. If bulls can hold the $15.50 mark, there is a high chance to see a further rise within the next few days.

APE/USD chart by TradingView
APE/USD chart by TradingView

From the mid-term point of view, ApeCoin (APE) has bounced off the vital level at $15, which means that bulls keep controlling the situation on the market. But if sellers' pressure continues, the fall may lead to a drop around $14.

APE is trading at $15.45 at press time.

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