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ApeCoin may retest the previous low at $4.1 level

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ApeCoin Price Prediction Today October 6, 2022: ApeCoin may retest the previous low at 4.1 Leve

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ApeCoin targets the $4.1 support level

APEUSD Price Analysis – October 06

should APEApeCoin The price is rising above the $5.9 resistance and producing a bullish pattern, hence the upward movement can continue. A breakdown at the $5.2 support level will expose ApeCoin to the $4.7 and $4.1 support levels. Above the current price level there are resistance levels at $5.9, $4.7 and $4.1.

Main levels:

Resistance Levels: $5.9, $6.4, $7.5

Support levels: $5.2, $4.7, $4.1

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Long-Term Trend of Monkey/US Dollar: Bearish

APE/USD is moving downward on the daily chart. The support level of $4.1 was tested on Sep 06 and the momentum of the bears was unable to break through the mentioned level. A strong daily bullish candle appears that makes the bulls react to the bearish move. This makes the price rise to the $5.9 resistance. The level was tested and the price fell. ApeCoin may retest the previous low at $4.1.

The RSI 14 period on the daily chart is at the 47 level with the signal line pointing downwards indicating a bearish signal. A breakdown at the $5.2 support level will expose ApeCoin to the $4.7 and $4.1 support levels. Above the current price level there are resistance levels at $5.9, $4.7 and $4.1.

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APE/USD Mid-term price trend: Bearish

ApeCoin is bearish in the medium term outlook. More bearish candles were produced and the price was reduced accordingly. The $4.1 support level was tested but the sellers do not have enough pressure to break through the downside level. The price bounced back to retest the $5.9 resistance level. The price is currently retesting the $5.2 level.

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The 9-day EMA is intertwined with the 21-day EMA and the price is trading around the two EMAs, confirming the downside momentum. If the price of ApeCoin rises above the resistance at $5.9 and produces a bullish pattern, the upward movement may continue.

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Blockchain

Ethereum developers target March 2023 for Shanghai hard fork

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according to Discussion At the 151st Ethereum Core Developers meeting on December 8, core programmers set an initial March 2023 deadline for Ethereum’s Shanghai hard fork. Additionally, developers will aim in May or June 2023 to release Ethereum Improvement Protocol (EIP) upgrade 4844 that will provide initial network participation.

Although the long-awaited Proof-of-Stake merger upgrade was completed on September 15, Ether (stETH) is currently in the works. Locked on the Ethereum Beacon Signal Chain. The token was created by decentralized finance protocol Lido, with approximately 3.5 million stETH ($4.48 billion) in circulation. After the Shanghai upgrade, stETH users can withdraw their funds along with any applicable staking rewards to validate network transactions. The Ethereum Foundation said it organized the upgrades in this way to “simplify and increase focus on a successful transition to Proof of Stake.”

After the hard fork, the EIP-4844 upgrade is designed to introduce a new binary data transaction prototype previously invented by the developers on February 21, 2022. Currently, Layer 2 technologies such as Optimistic Rollups can move Ethereum computation and network storage off-chain to improve scalability 10x to 100x . The developers expect that offering large mobile packages that can hold cheaper data in Ethereum transactions could improve pooling capacity by up to 100x. However, while the upgrade will lower transaction fees on Layer 2 solutions, it will not affect Ethereum gas fees.

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Last December, Ethereum co-founder Vitalik Buterin shared just that game over It is for the blockchain to function as a simple base layer, with “the complete convenience of users storing their assets in ZK.” [zero knowledge]Verify full EVM operation [Ethereum Virtual Machine]. Buterin also warned that hash sampling and data availability are “complex techniques” that will take years of scrutiny and improvement to implement.