The leading metaverse coin – APE, marked a three-month high late last month and started to drop steadily. Apecoin lost some chunks of a dollar and fell near a crucial support line. A solid rebound is likely any time from now.
Apecoin appears weak following a series of higher highs and higher lows on the daily chart. The price increased by more than 75% to reach a multi-high of $6.4 in the past month. It consolidated around that high for five days before losing the $6 level.
Since the start of this month, the price of Apecoin has been falling as it made a deep pullback near a trend line formed on the daily chart. This trend line has been acting as support for the past three months.
The past weeks of decrease have dragged the price to a three-week low of $4.9 during last Friday’s decrease. The price recovered the following day to where it encountered resistance at around $5.25.
If the trend line provides support again, we should expect a quick rebound with a massive buy. Otherwise, we may see a serious decline if the price breaks down the trend line. As of now, the bears are temporarily in control. The bulls are likely to regain control in the future.
APE’s Key Levels To Watch Out For
There’s still room for drops on the daily chart. The key rebound levels to keep in mind are $4.73 and $4.49, which coincide with the support trend line. The support level to consider next is $4.2 in case of a breakdown. $3.7 is another level to watch for a deep correction.
If APE decides to restart bullish from here, the first resistance level to keep in mind is $5.5. It is then followed by $6 and $6.4, which started declining weeks back. The $7 and $8 levels would be the next areas to watch if the price breaks out.
Key Resistance Levels: $5.5, $6, $6.4
Key Support Levels: $4.73, $4.49, $4.2
- Spot Price: $5.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: inueng/123RF // Image Effects by Colorcinch
