APE Price Analysis Losing Bullish Momentum May Drop prices By 12%
On July 18th, the Apecoin (APE) price breached the monthly resistance of $5.5 with a long bullish candle and significant volume. However, the following candles with long higher price reject indicate the buyer is exhausted, and the price may need a pullback to replenish the bullish momentum. But will this support hold?
Key points:
- The APE market price has declined 5% in the last two days
- The 20-and-50-day EMA crossover bolsters the continuation of bullish recovery
- The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.
Source- Tradingview
On June 18th, the APE price rebounded from the bottom low support of $3.12. This new recovery rally managed to surpass the $4.18 resistance but couldn’t breach the next supply zone of $5.58-$5.53 for the next three weeks as the crypto market grappled with uncertainty.
However, the tussle between the bulls and bears resolved with a significant rally, where the APE showcased 52% growth within a fortnight. This run-up breached the overhead resistance of $5.58, indicating the buyers were aiming for another leg up. Furthermore, the coin price marks a record high of $6.9 which may form the local top.
Furthermore, the post-retest rally accompanied by long-wick rejection and decreasing volume activity indicates a losing bullish momentum.
If the selling pressure persists, a minor retracement is plausible, which may plunge the APE price by 12-15% to retest the $5.33 support.
However, the post-correction recovery should lead the altcoin 40% higher from the $5.33 support, hitting the overhead supply zone of $7.3.
Technical Indicator
RSI indicator: The RSI slope drops lower despite a rising price action indicating growth in underlying bearishness. In addition, this divergence supports the expected pullback theory.
EMAs: the ongoing recovery has reclaimed the 20-and-50-day EMA, offering early signs of trend reversal. Moreover, these slopes are approaching a bullish crossover near $5.5, indicating a better possibility of a bullish reversal.
- Resistance levels: $7.5 and $9.55
- Support levels: $$5.58-$5.53 and $4.18
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
