- Apecoin is bleeding below the support mark and trying to hold.
- Bulls are unable to maintain the strength and slide the gains.
Apecoin price shows a breakdown below the critical support mark of $3.100, hovering to claim the safer zones. Although, just after the breakdown, bulls led a bounce and tried to engulf the pressure.
However, the price action peeks negative cues due to the lower lows formation and drop in the momentum. The buyers face rejection and do not hold tight at every juncture, resulting in the gains split.
The price action shows a bearish outlook, and sellers dominated the charts.
Apecoin price is now trading below the mark of $3.20, where a 20-day EMA exists, but The recent selling and breakdown threw APE below the 20-day EMA.
Moreover, the immediate bounce amid the breakdown with decent volumes shows buyers will likely accumulate the coin and try to rescue the momentum.
When writing, APE is trading at $3.09 with an intraday drop of 3.50%, showing a bearish outlook, but selling pressure was still reflecting on the charts, and more downside is still possible. Moreover, the trading volume also showed an upside of 11.30% showing sellers interest.
Daily Charts Shows Range Breakdown
As per the price action, APE rejects and drops below the 20-day EMA, encouraging sellers to take short positions. Furthermore, the chart shows a breakdown of the ascending triangle pattern, which has the neckline of $3.50, which, when spoils, then the coin shows a narrow range move, then falls further.
On the daily charts, APE shows a breakdown from the strong support of $3.20, and now near the secondary support and demand zone of $3.00, buyers are trying to hold. In the intraday session, there was recovery attempted by mature investors, which led to attaining the round level of $3.00.
Per the technical parameters, the price broke the lower Bollinger band in the last session, and a sudden bounce was noted. Furthermore, APE also began to trade below the 23.6% Fib level, which shows intense selling pressure in the coin, leading to a quick breakdown.
Short Term Charts Shows a Reversal from demand zone
On the 4-hour charts, Apecoin shows a reversal from the demand zone, and the bulls were able to defend the round mark of $3.00.
The RSI showed a bounce from the oversold region and noted a buying province amid the breakdown. The curve is trying to claim neutrality and looking to rescue the gains.
The MACD indicator continues to show bearishness with red bars floating on the histogram, but soon there will be buying momentum.
Conclusion:
Apecoin shows bearishness and hovers near the demand zone, which shows that the seller’s attainability was there, but buyers are trying to hold the gains.
Technical Levels:
Support Levels:$2.90
Resistance Levels:$3.30 and $3.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.