Is ApeCoin Going to Zero? APE Price Falls 6% as New Rising Meme Coin Seals $600,000 From Global Investors

cryptonews.com:

ApeCoin (APE) has fallen -6% in the latest rejection move from the 20DMA, but as price finds lower support - will APE bounce back? Or is ApeCoin going to zero?

The battle for the 20DMA continues, amid a resurgence in Bored Ape Yacht Club floor price, which seems to be finding support at 26 ETH.

Furthermore, price action has been bolstered by a new marketing game aiming at F1 fans, with BAYC and ApeCoin promotions at the Melbourne MotoGP.

With price action caught between a rock (lower support) and a hard place (the 20DMA), ApeCoin is currently trading at a market price of $1.08 (representing a 24-hour change of +3.83%).

This comes in the midst of a -6% fall yesterday, as price saw rejection from a re-test of the 20DMA (which is currently stood at $1.01).

Price action has been trapped in this hard-fought zone above lower support at $1.015 for more than 2-weeks.

Yet, a strong recovery on the daily could see re-testing continue - with a potential break above the 20DMA still on the cards.

Meanwhile the 200DMA remains high above the ongoing trading channel at $2.33.

As ApeCoin fights for the 20DMA, the RSI has remained relatively cool at a bullish oversold signal, with a live reading at 45.98.

This bullish sentiment receives confirmation from the MACD, which showcases bullish divergence at 0.009.

Overall, ApeCoin looks surprisingly strong here - with localised rejection from the 20DMA undertaking relatively minimal retracement, suggesting a good level of interest and support at these levels.

To the upside this leaves APE with a target at $1.20 - a clean break above the 20DMA (a possible +10.6%).

While downside risk could see a tumble back to strong lower support at $1.015 (A potential -6.45%).

This leaves ApeCoin with a risk: reward ratio