Here’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
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
Recent Posts
- Price Analysis
After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
The Shiba Inu price is showing clear signs of building recovery momentum after weeks of…
- Price Analysis
Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Pepe Coin price trades at $0.0000065 today, Oct. 31, up by 1.75% from the previous…
- Price Analysis
Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
Ethereum price remains under pressure, hovering near $3,800 after breaking below the $3,900 support level.…
- Price Analysis
Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
The Chainlink price has stayed firm even as the broader market shows mixed signals. AllUnity’s…
- Price Analysis
Sei Price Forecast: Will Robinhood Listing Spark a Rally?
Sei price slipped despite recent optimism around its Robinhood debut, falling 4% in the past…
- Price Analysis
XRP Price Outlook as ETF Nears Possible November 13 Launch
The XRP price continues to attract significant attention as excitement builds ahead of the long-awaited…