Apecoin looks weak on the daily chart but has seen a little recovery in the last 24 hours after initiating a drawdown this week. It is more likely to resume selling as soon as the bear steps back.
Following a decline from $1.88 in the past weeks, Ape tested a low of $1.3 this month and recovered quickly after a few days of trading.
On Wednesday, it encountered a rejection and initiated a sudden drop on the daily chart, bringing the price to $1.31 yesterday. The bulls reacted to that price level and pushed the price to a current trading level of $1.39.
Despite the bulls’ counter-reaction to the drops, the trend is still well-positioned in a downward range. Hence, we may see more positive actions if they continue to show commitment in the coming days. If not, the bears may release more pressure to send the price lower.
If such a scenario comes into play, the price could roll back to the local bottom before it decides where next to head. While the bulls are struggling to push back, the bears are currently gaining control from a short-term perspective.
Looking at the market from where it initiated drops last month, Ape has shed a total loss of 14% so far. A drop from the current trading level will result in a more catastrophic loss for Ape.
APE’s Key Levels To Watch
If Ape pushes higher to reclaim $1.59 and the weekly rejected high of $1.69, the next buying target would be $1.76, followed by $1.88 before breaking higher.
The $1.31 and $1.23 levels are marked as the closest crucial supports on the daily chart. If the price falls below these levels in the coming week, the next support to keep in mind is $1.15 – located near its recent bottom.
Key Resistance Levels: $1.59, $1.76, $1.88
Key Support Levels: $1.31, $1.23, $1.15
- Spot Price: $1.39
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: inueng/123RF // Image Effects by Colorcinch