While the global crypto market remains down today, Apecoin APE appeared weak on the day and lost a total of 3% weekly. It is yet to signal a surge, finding a breakout of structure as it continues to consolidate daily.
Starting the second quarter of this year on a loss, Ape found support above the key $1 level and took a short bearish break as it slowly gained recovery. It unfortunately lost steam after rejecting $1.45 and the price fell back.
After locating another support above the previous holding level, the price increased but found it difficult to sustain momentum due to insufficient volume. This led to a contraction and the price started to consolidate.
Despite footing several bullish setups over the past weeks, the recently rejected level has been a critical resistance level for Ape since the price recovered from a key level in April.
Looking at the bigger picture on the weekly chart, it has formed a classical double-bottom pattern. A massive price movement should be expected as the future looks promising for the metaverse token.
Aside from Apecoin, most top metaverse tokens have also posted some losses and at the same time looked relatively weak over the last 24 hours. As of now, the asset remained neutral-bearish on the daily chart.
APE’s Key Level To Watch
Source: Tradingview
In the latest reductions, there’s room for test at $1.2 and $1.14 if the price continues to drop. Below it lies $1. The $0.8 level is the next support to consider in case of a breakdown.
The major resistance level for an upside movement right now is $1.35, followed by $1.45. A flip through it should validate a bullish reversal pattern spotted on the weekly. The resistance to watch is $1.59 and $1.82.
Key Resistance Levels: $1.35, $1.45, $1.59
Key Support Levels: $1.14, $1, $0.8
- Spot Price: $1.27
- Trend: Neutral-Bearish
- Volatility: Low
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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