Key Support Level Flipped to Resistance for Bitcoin
Bitcoin Technical Analysis
The 600-day simple moving average which had been acting as support for Bitcoin for around 100 days may be flipped into resistance today if we get a close below it on the daily charts.
At time of writing (4:35 PM ET) the bears and bulls are actively defending and attacking this price zone of the 600-day SMA at $40,019. The current pricing on Coinbase is $40,018 and has been shifting to a few dollars above to a few dollars below the 600-day every 10 to 15 seconds signaling very fast paced market conditions.
The ERC-20coin That Has the Blockchain That’s Going Bananas – Apecoin
Meanwhile Apecoin continues to gain value at a rate far greater than any other coin. This exponential growth will of course end at some point, however taking into consideration that the very young crypto just made new all-time highs last evening it seems probable that we will see more swift upside price action and likely reach the $30 per coin status before a correction ensues.
Apecoin has a market value of roughly $24 per coin at time of writing, and although I was and remain skeptical of its ability to have a lasting presence, I have been flowing its price very closely since launching at the end of March. Based on its ability to gain value consistently at a much higher rate than all other coins, as well as limiting losses to a minimum down day, The momentum is reminiscent of Dodge during the week before Musk joined SNL and it ran from $0.24 at the end of April 2021 up to around $0.69 on May 7th 2021.
Even the author of this piece was amazed at the additional similarities between Dodge and Apecoin that were revealed to him once he (I) made an overlapping line chart for comparison. Both coins seem to have the same slope of their ascents, but they both rallied at the exact same time, only one year apart.
Suppose Ape Coin delivers on half of the announced projects, including a series of full-length movies with an unknown “Hollywood” director, the launch of their long-awaited metaverse, and other web three functions and products yet to be fully detailed. In that case, Apecoin has the potential to possibly match the growth that Dodge experienced this time last year.
From March 17th to April 28th, Dodge had grown by 5x. That is the time frame that Apecoin has existed and so far, it has grown by close to 2x in value. Dodge went on to more than 10x by early May so if Ape does follow the same trend, it would reach $100 in the next few weeks.
I am not making that call, but it would not surprise me when I’ve seen coins with less promise go parabolic once they gained a cult following. Ape coin and the Bored Ape Yacht Club (BAYC) certainly have that sort of a devoted army of loyal followers, so I think $30 in the next week is an extremely conservative estimate.
Most of us know how that turned out for Dodge with the coin plummeting the same night the SNL episode aired. Dodge has yet to return to those all-time highs or even close to the heroic status that made it a household name, yet it remains the 11th largest coin by market cap currently trading around $0.13.
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