Apecoin found temporal support in September and took a small break for recovery. But it encountered resistance this month and resumed selling. It has seen a 5% loss this week and continued to crack down.
During the global crypto price recovery last month, Ape saw a 15% increase and retested the $1.32 level as resistance. That price movement saw the price break slightly above a descending wedge, formed since January.
The price rolled back last week and continued to bleed monthly. This Monday, it fell below September’s support and remained calm above the fundamental level of $1. The selling volume appeared low at the moment.
Should the bears mount more pressure, the price could dip below this fundamental level in search of solid ground for a recovery. On the daily chart, the bottom seems to be near from a technical standpoint.
Looking at the setups from August, Ape’s price has contracted so much due to an extreme drop in volatility. The selling momentum might be reaching an exhaustion point soon.
The interesting to pay attention to here is the daily volume indicator, which has been on the rise since June. This shows an increase in demand and volume inflow as bearish momentum fades – a potential reversal is around the corner.
So far, Apecoin has registered over 80% loss since January. It remains the 8th largest metaverse token by market with a $377.5 million market cap at the time of writing.
APE’s Key Levels To Watch
While the bears remained in control, the potential breakdown level to keep in mind is $1 before visiting $0.7 and potentially $0.5 on a 50% dip.
The monthly resistance of $1.32 lies at a key level to watch for an increase. If the price pushed through it, the next area of interest for buying would be $1.745 and $2.14 – marked as August’s high.
Key Resistance Levels: $1.32, $1.745, $2.14
Key Support Levels: $1, $0.7, $0.5
- Spot Price: $1
- 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.