Apecoin’s price recently increased by 7.1% in the past week after it bounced off a critical support level. The price has now dropped a bit after testing an important resistance line. While it is still looking bearish from the mid-term perspective, the price is currently in favor of the bulls.
After the mid-year recovery, the price of Apecoin went up by almost 170% before it started to decline. Following a lower low and lower high pattern, Apecoin found another bounce level at $4 last Friday, and the price keeps rising as bulls show interest.
Meanwhile, the $3 price level is still serving as the mid-year support. Yesterday, it saw a quick rejection after testing the descending resistance line, which has been forming since August.
The latest rejection at $5 might trigger a fresh decrease in the coming days if the bulls fail to show more commitment. Looking at the price actions from a short-term perspective, the ApeUsdt pair currently looks bullish after breaking out of its structure.
It would become valid on the daily chart if the price could increase significantly above the mentioned resistance line. The bulls should gain control of the market if it plays out. Otherwise, we can expect a fresh decrease in no time.
ApeCoin Price Analysis (APEUSDT) – Daily Chart
There’s no guarantee for a reversal until a breakout occurs. As Apecoin decides on where next to head, here are the levels to watch out for on the daily chart.
The closest resistance for a breakout is the $5 level. Above it lies the grey area at the $5.4 level, followed by the $6 resistance level. If all these levels are surpassed, $7.57 would be the bull’s next target.
The $4.3 level is the closest support for the short-term bears. Although the monthly holding support is currently at the $4 level. If this level breaks down, the next target would be $3.1 near the June support.
As of now, Apecoin remains the top metaverse token by market cap.
Key Resistance Levels: $5.5, $6, $7.57
Key Support Levels: $4.3, $4, $3.1
Spot Price: $4.74
Trend: Bearish
Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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