Will This Lost Support Cause Apecoin(APE) Prices To Fall Further?

Will This Lost Support Cause Apecoin(APE) Prices To Fall Further?


Published 53 mins ago

The APE/USDT pair started walking a lateral path following last week’s downfall. Furthermore, the altcoin resonating within $3.2 and $2.8 horizontal levels indicates a narrow range formation. A breakout of either of the aforementioned levels will influence the Apecoin future price in the near term.

Key points: 

  • The APE price wobbling within a narrow range forms a no-trading zone.
  • A bullish divergence in the daily RSI-slope hint possibility of relive rally
  • The intraday trading volume in Apecoin is $193.5 Million, indicating a 218% gain.

Apecoin priceSource-Tradingview

Amid the recent bloodbath triggered by the FTX crypto exchange crash, the Apecoin price breached the neckline support of $4.2. The post-breakdown fall tumbled the market value by 29% and reached a low of $2.7

Furthermore, this downfall breached the last 2022 bottom support of $3.2, indicating that sellers aim to reach deeper levels. However, the prices went sideways after hitting $2.8, trying to sustain below the breached support.

The ongoing consolidation can be considered a no-trading zone, but the prices have a higher chance of resuming the prevailing downtrend. The Apecoin price has been resonating between $3.2 and $2.83 for more than a week now and should soon lead to a breakout.

A breakdown below $2.83 will give enough confirmation for a downtrend resumption, which may plunge the price to $2.5.

On a contrary note, if the altcoin breaks the overhead resistance of $3.2, the bearish thesis will get invalidated. This breakout could trigger a relief rally to the downsloping trendline.

Technical Indicator

RSI: The daily RSI slope reverted from the overbought region, indicating the market is trying to stabilize the excess selling from traders.

EMAs: The downsloping crucial EMAs(20, 50, 100, and 200) reflect an established downtrend. Moreover, these EMAs could offer suitable resistance against a potential pullback.

Apecoin intraday price levels

  • Spot price: $3.14
  • Trend: bearish
  • Volatility: Medium
  • Resistance level- $3.2 and $3.56
  • Support level- $2.83 and $2.5

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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