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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.
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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
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