After last week’s fall, the APE/USDT pair began to walk a lateral path. The altcoin’s resonance within the $3.2 and $2.8 horizontal levels indicate a narrow range formation. The Apecoin price will be affected if either of these levels is broken in the near future. Key points: The APE Price fluctuation is within a narrow range
The post Will this loss of support cause Apecoin (APE) prices to fall further? CoinGape was first to publish this article.
Published 42 minutes ago by
Brian Bollinger After last week’s fall, the APE/USDT couple began to walk a lateral path. The altcoin’s resonating between $3.2 and $2.8 horizontal levels suggests a narrow range formation. A breakout of either of the aforementioned levels will influence the Apecoin future price in the near term.advertisementKey points: The APE price wobbling within a narrow range forms a no-trading zone.
Bullish divergence in daily RSI-slope suggests possibility of a rally
Apecoin’s intraday trading volume is $193.5 Million. This represents a 218% increase.
Source-TradingviewAmid the recent bloodbath triggered by the FTX crypto exchange crash, the Apecoin price breached the neckline support of $4.2. The market value plunged by 29% after the crash and fell to $2.7. This downfall also breached the previous 2022 bottom support of 3.2, which indicates that sellers are aiming to get deeper levels. The prices fell to $2.8 after the price breached support. Trending StoriesWhile the current consolidation can be considered a no trading zone, the prices have a greater chance of resuming their downtrend. Trending StoriesThe Apecoin price has been oscillating between $3.2 to $2.83 for more then a week and could soon trigger a breakout. However, the prices have a higher chance of resuming the prevailing downtrend. This breakout could trigger a relief rally to the downsloping trendline.Technical IndicatorRSI: The daily RSI slope reverted from the overbought region, indicating the market is trying to stabilize the excess selling from traders.advertisementEMAs: The downsloping crucial EMAs(20, 50, 100, and 200) reflect an established downtrend. These EMAs may provide suitable resistance against a pullback.
Resistance level: $3.2 and $3.56
Support level: $2.83 and $2.5
Share this article:About author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story