Will This Lost Support Cause Apecoin(APE) Prices To Fall Further?

The APE/USDT pair started walking a lateral path following last week’s downfall. Furthermore, the altcoin resonating within $3.2 and $2.8 horizontal levels indicates a narrow range formation. A breakout of either of the aforementioned levels will influence the Apecoin future price in the near term.

Key points: 

• The APE price wobbling within a narrow range forms a no-trading zone.
• A bullish divergence in the daily RSI-slope hint possibility of relive rally
• The intraday trading volume in Apecoin is $193.5 Million, indicating a 218% gain.

Source-Tradingview

Amid the recent bloodbath triggered by the FTX crypto exchange crash, the Apecoin price breached the neckline support of $4.2. The post-breakdown fall tumbled the market value by 29% and reached a low of $2.7

Furthermore, this downfall breached the last 2022 bottom support of $3.2, indicating that sellers aim to reach deeper levels. However, the prices went sideways after hitting $2.8, trying to sustain below the breached support.

The ongoing consolidation can be considered a no-trading zone, but the prices have a higher chance of resuming the prevailing downtrend. The Apecoin price has been resonating between $3.2 and $2.83 for more than a week now and should soon lead to a breakout.

A breakdown below $2.83 will give enough confirmation for a downtrend resumption, which may plunge the price to $2.5.

On a contrary note, if the altcoin breaks the overhead resistance of $3.2, the bearish thesis will get invalidated. This breakout could trigger a relief rally to the downsloping trendline.

Technical Indicator

RSI: The daily RSI slope reverted from the overbought region, indicating the market is trying to stabilize the excess selling from traders.

EMAs: The downsloping crucial EMAs(20, 50, 100, and 200) reflect an established downtrend. Moreover, these EMAs could offer suitable resistance against a potential pullback.

Apecoin intraday price levels

• Spot price: $3.14
• Trend: bearish
• Volatility: Medium
• Resistance level- $3.2 and $3.56
• Support level- $2.83 and $2.5