Apecoin continued to remain in a bearish condition after it dropped by 19.91% over the past week. Losing the first position to Internet Computer – ICP, it’s now ranked as the third biggest-performing metaverse token by market cap.
As the global market cap increased by 2% over the past 24 hours, the price of Apecoin has also seen a 2.8% gain as it now trades at around the $2.95 level. Although the trading activity has been low since the weekly opening. The choppy price actions suggest indecisiveness after it dropped to $2.62 yesterday.
Since the price fell below the critical support level of $4 last week, it has continued to lose momentum as the price further dips. Over the past 4 days now, Apecoin has been trading beneath June’s low of $3.19. There’s nothing much happening right now in the market.
But as soon as volatility resumes, we can expect a massive price movement. As can be seen on the daily chart, the continuous decrease in the volume indicator suggests that more sell actions should be expected in the coming weeks.
For Apecoin to regain momentum again, it would need to increase well above $5, which is right above the white resistance trendline forming on the daily chart. However, there’s still room for correction to around $4.2 if the coin shows strength again.
ApeCoin Price Analysis (APEUSDT) – Daily Chart
Looking at the market structure from a technical standpoint, we can say that the price still favors the bears.
As the market has no major support again, The current holding level of $2.62 could be retested, followed by a breakdown to around $2.1. A continuous decline could bring the price to as low as $1.7 in no time.
While the $3.19 level continues to provide resistance for the market, the following resistance level to watch for now is $3.69. Above this resistance lies $4.2 – last week’s break level – which appears like the last level for the short-term bulls if they step back into the market.
Key Resistance Levels: $3.19, $3.67, $4.2
Key Support Levels: $2.62, $2.1, $1.7
- Spot Price: $2.94
- Trend: Bearish
- Volatility: Moderate
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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