While some altcoins have charted substantial gains recently, Apecoin remained indecisive and is yet to witness a major price movement. It currently looks calm but lost 4% over the past hours.
The past weeks have been so uninteresting for traders and investors amid the negative sentiments that hits the entire space recently. This led Ape in a more bearish state but volatility had dropped a bit at that time.
The bears took advantage of it and went on a break last week as the price remained calm since then. But it appears sentiments are slowly turning bullish following the latest market recovery.
Meanwhile, the price is still facing a descending resistance line on the daily chart. It might continue to suppress buying pressure if the resistance line keeps forming. In the opposite direction, a clear break above that line should trigger a huge upward rally.
However, it has been finding it difficult to initiate a major move over the past week. The trend looks extremely bearish on the 4-hour time frame as the price moved from little-to-no volatility over the past 48 hours.
Ape’s indecisiveness has put the price in a very critical trading area, making it the second best-performing metaverse token by market cap. The price remains down by 80% on a yearly scale.
APE’s Key Levels To Watch
Source: Tradingview
Apecoin seems to have entered an oversold zone on the daily. If the price goes below the established support of $3.8, the key sell areas to keep in mind are the $3.63 and $3.26 support levels
Recovery from the current trading level could allow positive actions towards $4.37 before breaking to $4.75. If the price fails to retrace from here, the next resistance level to keep in mind would be $5.25.
Key Resistance Levels: $4.37, $4.75, $5.25
Key Support Levels: $3.8, $3.6, $3.26
- Spot Price: $3.9
- 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: aleksandrasova/123RF / Image Effects by Colorcinch
