- APE coin price is in a strong downtrend due to a recent sharp fall and currently, it is forming a descending triangle pattern on the daily time frame.
- APE coin price has broken an important demand zone on a weekly time frame.
- The pair of APE/BTC trading at 0.0001147 with an overall decrease of 2.048% in the past 24 hours.
APE coin price is in a strong downtrend due to overall bearish sentiment in the crypto market. The coin fell off the long-term supply zone of $5.280, with a sharp move. At present, the coin is resting at the short-term demand zone of $4.349. The APE coin price is making lower lows and is taking support at the constant level, resulting in the formation of the descending triangle pattern. Once the coin breaks down the important demand zone of $4.349 it can be seen validating the descending triangle pattern. At present, the coin is trading below all the important MAs, after facing multiple rejections of it. APE coin price is trading between the Bollinger Band indicator and is below the 20 EMA.
It suggests that the APE coin price can continue the strong bearish momentum in the upcoming days. Volumes also have decreased over the past trading days.
MACD and Supertrend are showing a bearish trend on a daily time frame
APE coin price, as per the technical parameters, is in a strong downtrend and the same is reflected in the charts.
Moving Average Convergence Divergence: APE coin price, is in a strong downtrend after it fell from the important supply zone of $5.50. Since then the coin is falling sharply.MACD is showing the same as the orange line crossed the blue line on the downside indicating a bearish movement in the upcoming trading days. This indicates a possible breakdown of the short-term demand zone of $4.349.
Supertrend: APE coin price is bullish as per the super trend indicator. The coin broke down the super trend sell signal line at $5.1 with a strong bullish candlestick pattern which led to the formation of the super trend buy line and since then it is acting as a strong demand zone.
APE coin price is neutral as per the ADX and RSI indicator
APE coin price has fallen below the long-term demand zone after forming a big bearish candlestick pattern.
Average Directional Movement Index: ADX curve has been dipping for a couple of past trading days and recently it slipped below 30 as the APE coin broke down the important demand zone. There seems no hope as the coin is still below the breakdown zone and after retesting it the coin has again started moving down. At present, the ADX curve is seen hovering at around 17.15.
Relative Strength Index: Currently, the RSI is trading at 48.21, as the coin continues to fall further down.RSI curve has also crossed the 14 SMA on the weekly time frame on the downside suggesting a bearish movement for the upcoming trading days. If the coin price bounces off the demand zone and breaks the supply zone failing the bearish pattern]n, then the RSi curve can be seen crossing the halfway mark of 50.
CONCLUSION: APE coin price, as per the price action is in strong downtrend as it broke down the long-term important demand zone on numerous time frame.Investors should remain cautious and can look for opportunities only when the coin comes out of the bearish trajectory, giving a breakout of the strong supply zone at $5.23
SUPPORT: $4.349 and $4.129
RESISTANCE: $5 and $5.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.