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.

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