Some metaverse tokens have recently turned on green following a mild recovery across the crypto space. Apecoin is not left behind in the gains as it gathered almost 4% in a week.
After losing momentum for almost four months, APE established support above the $3 mark level and started to show signs of recovery. Although the recovery is not looking strong enough to reverse the trend as the price might still drop.
However, the coin has managed to push near a critical resistance level that suppressed buying pressure for months. We may see another price rejection if this resistance level poses a threat to the buyers again.
Such a rejection could lead to another loss for the buyers. Still, there’s hope for them if they can regroup well above the previous mark level. But if they mount pressure and overpower the bears at descending resistance line, we can expect a big price movement to the upside.
It may retest the line as support before rallying hard. Inversely, a pull below the mark level could drag the price to the last December low before it decides on where next to head.
Additionally, the recent recovery mark level and the December low are strong demand areas for Apecoin. That’s why we saw a reaction in that area. If the area breaks down in the future. We should expect a small consolidation before it continues to dip.
APE’s Key Levels To Watch
Considering a break at the resistance level of $3.6, another resistance level to pay attention to is $3.8. If a retracement fails to occur at those levels, the increase may reach $4 and perhaps $4.37, right above the resistance line.
A rejection from the resistance line could roll the price back to $3.26 and $3.1. Below this mark level lies $2.8 and $2.6 – marked as the last December low.
Key Resistance Levels: $3.6, $3.8, $4
Key Support Levels: $3.26, $3.1, $2.8
- Spot Price: $3.5
- 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.
