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The price of ApeCoin (APE) is expected to return to Fibonacci levels of 23.6% and 38.2% and possibly test the 55-day Simple Moving Average (SMA) for resistance as the dollar in the pair weakens and opens up great growth potential.
The price of ApeCoin is showing the first signs of recovery and may look poised for a sharp rally to $14. Support was provided by tailwinds coming from stock markets, which were rising this morning and seem to have avoided a week-long close in the bear market. This has contributed to a large influx of cash and investment as investors have returned to a buying-on-fall mentality.
For the price of APE, this means that the bulls are overpowering the bears and preparing the ground for a return above the Fibonacci level of 2.6% at the $9.76 mark. This will be the springboard for the next jump to $11.34 at the Fibonacci level of 38.2%. At this rate, by the end of this week, it will be possible to reach $ 14.00 and further break above the 55-day SMA, which will be seen as the end of the downtrend and the possibility of setting new historical highs.
Increased geopolitical tensions due to Biden’s promises to use US military force against China in the event of an attack on Taiwan (later this statement was recognized as an incorrect wording) can provoke a new shock to the markets, which will cause the price of APE to fall to $ 5.
At the moment, ApeCoin (APE) is trading at $ 8.40 with a daily gain of 5.3%, which is largely supported by the resumption of the rise in the price of bitcoin.
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