After Apecoin retraced in late January, it initiated another sell in the following month, which now brought the price to a 7-week low. The trend appears to be changing in favor of the bears.
The mid-February rebound was expected to fuel a continuation of the previous positive actions. But unfortunately, it turned to another drawdown after failing to advance above the $6 mark.
Just a few hours ago, Apecoin crashed below the $5 psychological level after staying in the middle of consolidating for a week. This psychological level, expected to act as support, is now considered resistance due to the crash.
We can see that the price just broke down the four-month diagonal trend line, providing support on the daily chart. APE is now retesting it following a quick recovery from $4.6 – the current daily low. The selling pressure is expected to resume as soon as it encounters resistance in the lower time frame.
With the current price setups, Apecoin appears to have made a shift in trend. The early-year rally we saw in January seems to be getting over. The bears have stepped back. Although there’s hope for the bulls if the asset can find a rebound above $4.
APE’s Key Levels To Watch Out For
Source: Tradingview
The latest breakdown has triggered a lot of bearish sentiment amongst traders. Though the price has managed to recover above $4.77. If Apecoin crashes below it again, the next levels of support to watch are $4.49 and $4.2 in the near term.
Before we can start to think of an upside movement again, the price needs to increase above the $5.2 and $5.55 resistance levels. The key resistance level for recovery lies at $6. Higher resistance levels to keep an eye on are $6.42 and $7 if the price flips those mentioned levels.
Key Resistance Levels: $5.25, $5.55, $6
Key Support Levels: $4.77, $4.49, $4.2
Spot Price: $4.88
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: miniyxdoodle/123RF // Image Effects by Colorcinch
