The metaverse market cap is down 5% today due to the ongoing sell-off across the crypto space. As a result of this, Apecoin lost its spot on the metaverse chain with a 14% weekly drop. It’s currently negotiating $4.
Last week’s recovery brought a small increase to Apecoin’s price. It managed to tap $4.75 (the current monthly high) but dropped a little due to sudden price rejections. The price consolidated for a week and dive below the holding $4.37 support level.
The current market volatility indicates the frequency of price movements, which is currently in a downward spiral. The frequency of that movements has brought the price to the $4 crucial level – a 3% daily loss.
Though the setups still appear more sell-off could be underway. But it seems to be negotiating that crucial level for the next price movement. A breakdown from there could trigger a big surge.
More so, if we consider the existing downward slope from $6.45 in January, APE may extend the current lower low movement to the $3.1 zone in what is known as volatility expansion. A reverse from the current trading level should activate a fresh buy action. The resistance trendline remains a vital breakpoint for a bullish rally.
APE has lost its spot to ICP as the best-performing metaverse token by market cap. A further drop in volume could cause more sell-off in the coming hours. For now, it remained bearish on a daily scale.
APE’s Key Levels To Watch
Source: Tradingview
If Ape continues to lose momentum, the next stop for the bears would be $3.8 and $3.6 – printed as March’s low. A crack at that low could slip the price to $3.26.
While the $4 level holds as support, it could retest the $4.37 breakdown level as resistance. Reclaiming it may bring more recovery to $4.75 before breaking higher to $5.25, right above the resistance line.
Key Resistance Levels: $4.37, $4.75, $5.25
Key Support Levels: $3.8, $3.6, $3.26
- Spot Price: $4
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: mininyxdoodle/123RF // Image Effects by Colorcinch
