- Apecoin is trading at $4.317 with an increase of +1.31% during the intra-day trading session.
- The 24 hour low price is $4.06 and 24 hour high is $4.35.
- The current price is trading above the 20 day EMA and below the 50,100 and 200-day EMA.
The price is currently in a consolidation zone ranging between $3.77 to $4.50 after falling from the trend line. Recent price suggests a bearish momentum in the price as it falls below all the major EMA. Apecoin made a high at $4.50 and has been gaining bearish momentum with a 20 day EMA acting as a resistance for the price. If the price can break below $3.77 level, we could expect a downward move to $3.40 level.
Price has come down to the same level from which the bullish rally started during the beginning of 2023. The price needs to hold $3.77 level and form a strong support in order to gain bullish momentum. On a four hour basis, the price faced resistance at $4.40, which has been retested once, but still the bulls were not able to break it. The price on the hourly time frame is still trying to break the $4.40 level by finding support at $4.20 level.
What Does Technical Analysis Say?
The RSI curve recently started to rise from the oversold level and is still ranging around the 40 level. RSI has crossed the average 14 day RSI SMA and if bulls take control, we could expect the RSI curve to rise and cross the 60 mark. In the four hour time frame, the price has shown bullish behaviour and the RSI curve has crossed the 50 mark, which is currently at 56.67.
The ADX is at 13.70 with +DI above the -DI, indicating bulls still have strength to take price to $4.50 level. The four hour time frame shows that the +DI has crossed the -DI with ADX at 17.99 indicating a low trend strength. Price reached the upper band of the bollinger band and the 20 day SMA has been behaving as a support for the price. The price has crossed the 20 day SMA, which shows good signs of bullish pressure on the price in the daily time frame whereas in the four hour time frame, the price touched the lower band and bounced up above the 20 day SMA.
Conclusion
The consolidation zone has been messy for the APECOIN as the price has recently shown bullishness in this zone. The price needs to break above the primary resistance at $4.50 for it to target $4.80. The price action and market structure on the higher time is bullish. The technical parameter suggests continuation of bullish behaviour by the price, if we are able to break the resistance at $4.50.
Technical levels :
Major support:$3.70
Major resistance : $4.50
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.