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A descending trendline has been carrying the ongoing downtrend in Apecoin price for the past four months. After the recent recovery, the prices return to this trendline, attempting a bullish breakout. However, the higher price rejection and decreasing volume as prices wavering below this resistance indicate a possibility for price reversal.
Key points:
- The descending trendline governs the current price action in apecoin
- The bullish breakout from the resistance will offset the bearish thesis
- The intraday trading volume in Apecoin is $180.5 Million, indicating a 5% loss
Source- Tradingview
Amid the recent recovery in the crypto market, the Apecoin price showcased a bullish reversal from the $2.8 support. The U-shaped recovery surged the prices 50% within a fortnight, hitting the combined resistance of $4.2 and downslopping trendline.
However, with the ongoing uncertainty in the market, the coin price recently witnessed a minor dip before retesting the above-mentioned resistance. Furthermore, the daily chart show higher price rejection during both these trials indicating the sellers are aggressively defending this resistance.
These rejection candles show the Apecoin price is likely to turn down from the $4.2 resistance and resume a post-pullback downtrend. With sustained selling, the altcoin should plunge and lower retest the $2.8 support. However, the price may break the $20.7 support in a weak market scenario.
Thus, Apecoin will remain in a downtrend until the price remains below the overhead resistance trendline.
On a contrary note, a bullish breakout from the trendline will signal an early sign of trend reversal.
Technical Indicator
MACD: the narrowing gap between the bullish alignment of the MACD and the signal lines indicates weakness in buying momentum.
EMAs: The downsloping crucial EMAs(20, 50, 100, and 200) showcase an established downtrend. Moreover, the 100-day EMA working alongside the resistance trendline gives an extra edge to sellers.
Apecoin intraday price levels
- Spot price: $4.1
- Trend: Bullish
- Volatility: Medium
- Resistance level- $4.2 and $5.13Support level- $2.3 and $2.8
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