Apecoin fell sharply below $3.6 yesterday but recovered quickly above it today. It is looking for a retest while the trend remains bearish.
Earlier this month, Apecoin consolidated around the $5 price level for days and resumed selling pressure following a sudden down surge. This led to a breakdown of the crucial trendline line that served as support in the past months.
The price fell to a weekly low of $3.59, but the bears are currently taking a breath after the drawdown. They are much more likely to resume pressure once the weekly low fails to act as support.
It has been hovering around the $4 price level following small gains over the past 24 hours. A strong recovery from the current trading level could fuel a retest to around $4.5 and potentially towards the broken support line, now acting as resistance.
Should the price hold the current weekly low firmly and start to regain momentum in the coming weeks, we can expect a bullish reverse pattern to come into play for the leading metaverse coin.
Ape is still following a bearish sentiment from a long-term perspective and remains down by 30% in the last 180 days of trading. If it extends bearishness to $, where it saw a decent recovery in late 2022, a breakdown from there will cause a heavy loss.
APE’s Key Levels To Watch
Losing this week’s low should activate a bearish continuation toward the $3.26 and $2.86 support levels. The support level to consider next is $2.6 before finding new support, around $2.
Considering a strong recovery from the current trading level, Ape is likely to face psychological resistance at $4.2 before rising further to $4.49. The following resistance level to keep in mind is $4.77.
Key Resistance Levels: $4.2, $4.49, $4.77
Key Support Levels: $3.59, $3.26, $2.86
- 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.