Apecoin lost roughly 40% of its value in the past 90 days of trading as sellers reinforced pressure. Similarly, it has continued to hold the crucial $4 level as support since the coin recovered from $3 in June.
Last week, the crypto regained momentum and attempted to break above the white resistance line; but it failed due to the latest price drops across the crypto market. This resistance line has continued to suppress bullish actions.
It’s changing hands at around the $4.62 level as Bitcoin drops below the $21k level. The crypto could record a staggering loss if Bitcoin’s price continues to dip, especially below the critical $20k level.
But as it stands now, Apecoin is still within a bullish radar on the 4-hour chart as it looks for a strong rebound level to initiate another buy. As we can see, the ongoing sell action targets the crucial demand zone, market orange on the chart. We can expect a bounce if the zone can provide support.
The double-bottom pattern (bullish formation) on the daily time frame is now invalid as the price drops near its base. To confirm a long, the price would need to close clearly above the $5.5 level before we can expect a nice rally.
ApeCoin Price Analysis (APEUSDT) – Daily Chart
Following the false breakout on the 3-month resistance line, the price is now approaching the $4.5 level. There’s a support level at $4.3 on the 4-hour chart, but the primary target lies at the $4 support – inside the orange demand zone.
A decrease below this mentioned price would completely invalidate the double-bottom pattern. This could initiate a new bear trajectory for leading metaverse cryptocurrency by market cap. The following support to watch would be the $3.1 level.
The $5.2 level is holding as resistance for over a month. If the market finds close support and rebounds strongly above this critical resistance, we can expect a rally toward the $6 and $7.57 resistance levels in the future.
Key Resistance Levels: $5.5, $6, $7.57
Key Support Levels: $4.3, $4, $3.1
- Spot Price: $4.6
- 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.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!
Image Source: photogonzo/123RF
