This week comes with relief after painting a series of reds in the past week. The bearish sentiment has cooled off a bit, but the next direction is kept in suspense as Apecoin remains indecisive. It lost 10% so far.
APE traded to an important psychological level of $4 after suffering serious setbacks some days back. That price became a trading level for a few days before it attempted a breakdown yesterday and slipped to $3.8 following a sudden surge in volatility.
The spike took out a lot of buys and sell positions on futures as millions of dollars were liquidated during that period. Volatility normalizes and remained calm as Ape trades back in that mentioned level at the time of writing.
Meanwhile, the buyers are trying to push the price back today but the volume is not enough to increase volatility at the moment. Even though the buying volume increases, it would have to face the diagonal resistance line, suppressing buying pressure for close to three months now.
Surpassing the line will be the first breakthrough for the bulls before they face higher resistance levels. A continuous rejection at that line could activate more sell actions. As shown on the daily chart, the volume indicator is on the fall.
However, the price must drop below $2.6 to confirm a long-term bearish extension. There’s still hope for the bulls amid bearishness. The price remains down by more than 50% in the last 90 days.
APE’s Key Levels To Watch
There’s nothing much to expect for now due to its indecisiveness. Below $3.8, the levels to watch as support lies at $3.6 and $3.26. Ape remains on the bears’ radar.
The retest level for Ape is $4.37. An increase above that level should propel the price to the $4.75 and $5.25 resistance levels in no time.
Key Resistance Levels: $4.37, $4.75, $5.25
Key Support Levels: $3.8, $3.6, $3.26
- Spot Price: $4
- 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.
