NewsletterApecoin Price Analysis: Bearish Pattern Threatens APE Price to Revisit $3.1
A bearish breakdown from a four-week-old channel of an inverted flag pattern released the trapped bearish momentum. The APE price is currently going through a retest phase, which will validate whether the breakdown is genuine or not. A potential downfall would plunge the altcoin back to June bottom support of $3.3. but should you worry?
Key points:
- The APE market price has depreciated 12% since last week
- The coin sellers reclaimed the 20-day EMA
- The intraday trading volume in Apecoin is $505.2 Million, indicating a 121.2% gain.
Source- Tradingview
Following June’s second-week sell-off, the APE/USDT pair bounced back from the $3.1 mark on June 15th. The resulting rally hit a high of $5.57, registering a gain of 80%. Furthermore, this recovery rally with new higher highs showed the formation of an inverted flag pattern.
On July 10th, the sellers breached the support trendline of the pattern, indicating the resumption of the prevailing downtrend. The breakdown rally reached the $4.18 mark and reverted to retest the flipped resistance.
If the APE price sustains below the trendline, the selling pressure may escalate and pull the price 30% down to $3.1- $3.
However, volume activity during the retest phase is higher than the $0.4 breakdown, indicating weakness in bearish commitment. Thus, if buyers push the APE price above the trendline, the replenished bullish momentum may drive the price above $5.2.
Technical Indicator
Superindicator: This indicator accentuates the sellers posses trend control
EMAs: Since early May, the APE price has traded below the fast-moving average of 20-day EMA, indicating aggressive selling in the past two months. Moreover, with the recent recovery, the coin price shows a fakeout from the 20 EMA slope, encouraging the ongoing downfall.
MACD indicator: The fast and slow lines are drawn too close and can soon provide a bearish crossover. The diminishing green bars in the histogram chart show losing bullish momentum.
- Resistance levels: $5.2 and $6
- Support levels: $4 and $3.3
- U.S. CFTC Scraps Outdated Crypto Market Rules, Clearing Path for Modern Oversight
- Breaking: JPMorgan Issues Short-Term Bond on Solana as Institutions Move Markets On-Chain
- Breaking: 21Shares XRP ETF Launches as XRP Funds Extend Inflows Streak
- Are DATs Being Targeted? Strategy CEO Questions MSCI’s Proposed Exclusion From Global Indices
- Crypto Bill Talks Stall as Senate Democrats Push Back on Stablecoin Yield Provisions
- Ethereum price prediction following $57.6M ETF Inflows – What’s Coming?
- Here’s Why Solana Price Could Explode to $150 Soon
- XRP Price Hits Crucial Support as ETF Inflows and Top RLUSD Metrics Soar
- Dogecoin Price Set to Rebound to $0.20 After Symmetrical Triangle Breakout
- Cardano Price Dips 10% as Midnight Token Launch Turns Sour
- Bitcoin Price Holds $90k as Markets React to Fed Rate Cut: Will BTC Rally to $100k or Fall to $80k?
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.
Premium Partners
