APECoin Price Analysis: Resistance still to be broken, do you predict APE to $10 mark?

  • APECoin price appears to be in a bullish trend line above a bullish trend line in the 4-hours reference.
  • APECoin’s market cap fell more than 12.2% to below $1.5 billion in the last 24 hours.
  • In terms of the daily price graph, the RSI indicator found a rejection near the semi-line.

APECoin price is showing a slight upward trend in the lower time frame such as the 4-hours context. Meanwhile, the daily price action is showing a retracement phase from last night on the daily price scale.

Source: APE/USDT by tradingview 

The APE token is appearing above a bullish trend line (white) after reversing from a recent low at $3.0 on the 4-hours chart. The recent bottom was ruined in the significant accumulation zone of buyers and yet they placed their buy order in this area.

Recently the price action broke this support line but the breakout appears to be weak. However, the bulls struggle near $5.0, still valid as a short-term resistance area

Meanwhile, at the time of this writing, APECoin is trading at the $4.7 mark. Due to the decline, APECoin’s market cap fell over 12.2% over the past 24 hours to below $1.5 billion.

Trading volume appears neutral but a retracement phase could replace a downtrend, so buyers will need to consolidate APE token price above the $5.0 resistance level. Moreover, the APE token pairing with the bitcoin pair is trading at 0.000236 satoshis, down 8.6%.

RSI turned its direction

Source: APE/USDT by tradingview 

Despite the retracement phase, the bulls have a key support level with the 20-day SMA (white) forming a move below the current price of APECoin.

On the other hand, the RSI indicator found a rejection near the semi-line in terms of the daily price graph.

Conclusion

APECoin sellers may take support at the 20-day SMA and then the price could aim to retest the conceptual round level of $10.

Support level- $3.0 and $2.5

Resistance level- $5.0 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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