Amid the recent meltdown, Apecoin lost almost half of its market cap and rolled back to the bottom. Following a sudden rejection last week, the price retraced slightly and remained calm since the start of the week.
During last week’s meltdown, Ape recorded a lot of loss and completely dropped to the $1 level, which has now held as support since last week. This action gave the bears more control and the price reset back to the bottom.
The bottom price was quickly rejected last weekend with a sharp bounce, but the price has remained stagnant since the start of the week. Meanwhile, the current setup appeared like a temporal break in selling as bearish market sentiment continued.
In the middle of that, the bulls tried to push above the $1.3 level but they failed due to an extreme low in demand level. A rise in this demand level could trigger a notable increase in the next couple of days.
But as it appears now, the bears still have the upper hand due to the recent market collapse. If they fail to sustain pressure in the future, we can expect a fresh buyback.
APE’s Key Levels To Watch
Up till now, the $1 level still acts as support for the market for almost a week now. Losing it may result in more dips and the next level to consider for support is $0.8 and potentially $0.6.
If the price increases above the recently rejected $1.3 level, the next recovery level to consider is $1.56 – last week’s breakdown level. There’s also resistance at $1.82 for more recovery.
Key Resistance Levels: $1.3, $1.56, $1.82
Key Support Levels: $1, $0.8, $0.6
- Spot Price: $1.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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