Here’s Why Apecoin Price Wobbles In A Make-or-Break Situation

The last two months’ recovery in the Apecoin price chart shows the formation of a rising channel pattern. Now, in theory, this s a famous bearish continuation pattern that triggers aggressive downfall upon the breakdown of its support trendline. However, in a rare case scenario, the price breaches the pattern’s resistance trendline, which the Apecoin price did on January 21st.

Key Points:

• The ongoing correction in Apecoin price offers a pullback opportunity to sidelines buyers
• A bullish crossover between the 20-and-200-day EMA encourages the resumption of prevailing recovery
• The intraday trading volume in Apecoin is $103.2 Million, indicating a 23.9% loss

Source-tradingview

A bullish breakout from the rising channel pattern is a sign of extreme bullish conditions. As a result, the post-retest rally surged the coin price 18% higher to reach the $6.4 mark. However, with the widespread uncertainty in the Crypto market due to the upcoming FOMC meeting, the APE buyers failed to sustain at higher levels. 

By the press time, the Apecoin price traded at the $5.85 mark with an intraday loss of 0.26%. If the negative sentiment in the market continues, the altcoin will retest the rising trendline in search of suitable support. Thus, the crypto holder should close at this support, as the price sustainability above this level could influence the coin’s future price.

Also Read: Top 10 DeFi Lending Platforms In 2023

Thus, if the buyers hold above this trendline, the coin price can take the next leap of more than 30% and reach $7.6.

On a contrary note, if the ongoing correction dives below the rising trendline, the bullish thesis will get invalidated. Losing this support will mark the prior breakout as a bull trap or fake breakout.

Technical Indicator

RSI: for a high higher price action, the falling RSI slope indicates weakness in bullish momentum. This bearish divergence indicates a higher possibility for prolonged correction.

EMAs: the 20-and-200-day EMA wavering near the rising trendline increases the support strength of this level.

Apecoin Intraday Price Levels

• Spot price: $6.22
• Trend: Bearish
• Volatility: Medium
• Resistance level- $6 and $7.5
• Support level- $5.93 and $5.26