In the latest market crash, Apecoin lost a key support level and plunged to a two-month low. It rejected this low and bounced quickly, but the trend appeared to have changed in favour of the bears.
After witnessing a notable gain to around $1.88 last month, Ape encountered resistance and failed to sustain momentum. The price fell and consolidated well above the key $1.5 support level for the rest of December.
Ape bounced back and started the first day of the week on a strong note but later found it difficult to advance higher due to volatility drops on Tuesday.
Wednesday came with an unexpected move and a big shockwave as the metaverse token went through its biggest breakdown in two months. This resulted in a sudden bearish scenario as the market landscape changed to the downsides.
As a result, it lost the mentioned key support level (now resistance) and the price instantly became weak on the daily chart. From a low of $1.23, APE has managed to recover to a trading price of $1.49 at the time of writing.
A continuous push from that trading level may bring more recovery to the price. But considering the latest market sentiment, Apecoin will likely initiate more drops in the coming days. If that happens, the price may plunge to $1 in the next leg down.
APE’s Key Levels To Watch
Apecoin looks indecisive at the moment. But if the price drops again, the closest levels to consider for support are $1.4. and $1.3. A further dip could send the price to a low of $1.15.
Towards the upside, the $1.51 and $1.59 levels are held as resistance areas. If the price crosses over, the next resistance level for a recovery would be $1.76 and $1.88 before breaking higher.
Key Resistance Levels: $1.59, $1.76, $1.88
Key Support Levels: $1.4, $1.3, $1.15
- Spot Price: $1.49
- 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.
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