ApeCoin rebounds after APE price crashes 80% in two weeks: dead cat bounce or bottom?

– ApeCoin (APE) has undergone a sharp recovery after falling to its lowest level in two months.
– But its strong correlation with Bitcoin (BTC) and U.S. equities amid macro risks suggests more losses could be in store.
– APE rebounded by nearly 45% to $7.30 on May 12.
– The upside retracement move came after APE dropped circa 81% to $5 on May 11, from its record high near $27.50, established on April 28.
– The seesaw price action mirrored similar volatile moves elsewhere in the crypto market, led by the chaos around TerraUSD (UST) an “algorithmic stablecoin” whose value plunged to 23 cents earlier this week, and the Federal Reserve’s hawkish response to rising inflation.
– ApeCoin’s rebound occurred near what appears to be a strong technical support level.

 

 

ApeCoin rebounds after APE price crashes 80% in two weeks: dead cat bounce or bottom?
ApeCoin rebounds after APE price crashes 80% in two weeks: dead cat bounce or bottom? 2

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