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.
ApeCoin Price Analysis: Will APE Bounce Back? Or is ApeCoin Going to Zero?
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 of 1.64 – a reasonably good entry with limited downside risk.
Yet, while ApeCoin battles on against further downside, an emerging meme coin presale is stealing the limelight as investors flock into Meme Kombat.
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Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
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The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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