NewsletterHere’s Why Apecoin Price May Witness Prolonged Downfall Of 14%
Amid the recent sell-off in the crypto market, the Apecoin price loses some crucial technical support. This breakdown intensifies the ongoing selling pressure in the market, encouraging prices for further downfall. However, the buyers still have a long-coming support trendline that could resume the prevailing recovery.
Key points:
- A bearish breakdown from the $5.26-$5.15 support threatens Apecoin price with a 14% drop
- The Ape price will continue on a bullish path until the support trendline is intact
- The intraday trading volume in Apecoin is $103.2 Million, indicating a 23.9% loss
Source-tradingview
On January 21st, the Apecoin price gave a bullish breakout from the two-month-long rising channel pattern. This breakout showed strong buyers’ commitment to lead an even more aggressive rally.
However, the coin price formed a local top at $6.41 and reverted lower as the uncertainty spread in the crypto market. Thus, the resulting consolidation allowed traders to retest the pattern’s breached resistance for suitable support.
On February 9th, the US SEC charged on crypto exchange Kraken for violating securities laws through an unregistered stalking-as-a-service program that caused panic selling in the market. As a result, the APE price witnessed significant outflow and breached two crucial support of the ascending trendline and $5.26-$5.15 levels.
Also Read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Losing this support must have also forced the liquidation of the long positions of several traders, accelerating the market selling pressure. Moreover, the long price rejection at the $5.15 mark indicates the sellers are defending the newly obtained resistance.
The post-retest downfall may plunge the price 14% down to reach a rising support trendline.
Anyhow, until this long-coming support trendline is intact, the Apecoin price can maintain a bullish outlook.
Technical Indicator
RSI: the daily-RSI slope nosedive below the midline indicates the recent sell-off has significantly affected the market sentiment, indicating a high chance for prolonged downfall.
EMAs: the Apecoin price losing 20-50-and-200-day EMA support during the recent downfall provides an extra edge in sellers’ favor.
Apecoin Intraday Price Levels
- Spot price: $5.159
- Trend: Bullish
- Volatility: High
- Resistance level- $5.26-$5.15 and $6.4
- Support level- $4.4 and $4.2
- Pi Network Boosts Utility With Major Partnership With CiDi Games, Expert Calls it “ Real Progress”
- Breaking: Bitwise Prepares to Launch its Avalanche ETF, Reveals Ticker and Fees
- Bitcoin Price Reclaims $91k as JP Morgan Predicts December Fed Rate Cut
- Upbit Hack: $38M in Solana Ecosystem Crypto Assets, TRUMP, BONK, JUP Drained
- Breaking: Ripple’s RLUSD Approved for Use Across Abu Dhabi’s Global Markets
- Zcash Price Prediction — Is a Rally Ahead After Grayscale’s Bold ZEC ETF Bid?
- Ethereum Price Rallies Above $3,000 Ahead of Fusaka Upgrade: What to Expect?
- MON Price Prediction: Why Monad Could Be Heading Toward $0.10
- Will Hype Price Hit $50 as Whales Buy Ahead of the $314M Unlock?
- Is Bitcoin Price at Risk of Crash as Treasury Companies Plan Fire Sale?
- Binance Coin Price Prediction as VanEck Files Spot BNB ETF — Is $1,000 Next?
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
