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
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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.
Trend: Bearish
Medium Volatility
Resistance level: $3.2 and $3.56
Support level: $2.83 and $2.5
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