• ApeCoin maintains a critical support level, hinting at bullish reversal momentum.
• Strong community optimism fuels expectations for an imminent breakout rally.
• Analysts predict ApeCoin could surge toward $2.10 resistance target.

ApeCoin (APE) continues to face downward pressure, extending its negative price trajectory. The token has declined by nearly 5.45% in the past 24 hours but surged 15.85% over the past week.

At the time of writing, APE is trading at $0.4477, showing notable volatility with a 24-hour trading volume of $82.22 million, down 43.86% within the same period. The token’s market capitalization stands at $336.99 million, highlighting sustained bearish activity and a lack of strong recovery signals in the near term.

Apecoin (APE) Community Dominates With Strong Optimism

The community sentiment shows a strong and optimistic outlook, with 80% of participants feeling bullish about future market trends. This indicates that most voters expect the price of the asset to rise significantly. Overall, the sentiment reflects confidence, enthusiasm, and growing optimism among investors and traders.

On the other hand, 20% of the community holds a bearish perspective, showing concern about potential downturns or market corrections. These voters anticipate that the asset’s value could decrease in the near future. Despite this cautious minority, the overall sentiment remains firmly and overwhelmingly bullish.

Also Read: ApeCoin (APE) Price Outlook: Falling Wedge Pattern Suggests Upside to $0.4500

ApeCoin (APE) Poised for Breakout With $2.10 in Sight

Moreover, the crypto analyst, Jonathan Carter, revealed that ApeCoin (APE) is showing attractive strength as it remains above the lower boundary of the descending triangle formed on the two-day chart. This point has turned out to be a strong level of accumulation where buying continues to take place at a steady pace. This signifies that market participants are getting ready for a break higher.

Technical momentum reveals that APE demonstrates a buildup of force inside a triangle formation that often precedes a strong breakout. This accumulation trend signifies that market participants continue to display optimism for a reversal trend. On a breakout confirmation, a possible breakout at higher levels may result.

If the positive momentum continues, APE may target important levels at $0.53, $0.75, $1.00, $1.40, and $2.10 in the upcoming days. Market mood continues to turn positive as the asset holds strong at a level higher than the support level. A strong breakout may indicate that a positive trend for ApeCoin is about to start.

APE Derivative Data Hints at Short-term Pressure

Open interest and volume of APE have been declining with the price. Initially, activity and price increased; thereafter, a decline was seen with a stabilizing trend at lower levels. Now, the open interest has fallen by 23.92% to $47.74 million with a volume decline of 37.72% to $151.68 million. This reflects less market activity.

Further, the OI-weighted funding rate fluctuated around the neutral level before declining into the negative territory in the initial weeks of October. This was due to the short dominance of bears in the market. However, it has recovered to 0.0029%, indicating a slight revival of optimistic or neutral sentiment.

Also Read: ApeCoin Soars 30% in Q2 as Unveils Radical ApeCo Governance Model