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- ApeCoin price is trading with strong downtrend momentum inside an ascending parallel channel.
- APE Crypto has fallen till 20 EMA below 100-DMA and is trying to maintain itself above 50 EMA over the daily chart.
- The pair of APE/BTC is at 0.0002935 BTC with an intraday drop of 3.31%.
ApeCoin price has been trading inside an ascending parallel channel since 13 July over the daily price chart. The token started gaining from 13th July as denoted by the accumulation phase over the daily chart. However, bears kept on trapping the token in short-sellers’ clutches, however bulls continuously tried to pull the token towards the upper trendline of the consolidation phase. APE coin is currently trading with strong downtrend momentum towards the lower trendline of the parallel channel over the chart. APE token must gather support from the bulls as soon as it reaches the trendline and must get reversed to avoid falling below the channel over the daily chart. APE investors need to wait for any directional change over the chart.
ApeCoin price is approximated at $6.76 and has lost 6.03% of its market capitalization in the last 24-hour period. In contrast, trading volume has increased by 32.97% in the intraday trading session. This demonstrates that buyers are trying to accumulate in the trade to save APE from falling below the parallel channel. Volume to market cap ratio is 0.1741.
APE coin price is trying to gain uptrend momentum by gathering support from the buyers over the daily price chart. The token must attract more buyers in order to surge through the parallel channel. However, volume change can be seen below average and needs to grow for APE coin to soar back through the channel. APE investors need to wait for any directional change to conclude the price action of APE coin.
Will APE Sustain and Mark its Return?
APE coin price must attract more buyers in order to avoid falling below the parallel channel. Meanwhile, APE bulls must accumulate themselves to provide the token a great throttle to let the token surge back inside the pattern. Technical indicators suggest the downtrend momentum of APE coin.
Relative Strength Index showcases the downtrend momentum of APE coin. RSI is at 53 and is heading towards neutrality for a breakdown. MACD exhibits the downtrend momentum of APE coin. The MACD line is below the signal line after a negative crossover. APE investors must look for any directional change over the daily chart.
Conclusion
ApeCoin price has been trading inside an ascending parallel channel since 13 July over the daily price chart. The token started gaining from 13th July as denoted by the accumulation phase over the daily chart. However, bears kept on trapping the token in short-sellers’ clutches, however bulls continuously tried to pull the token towards the upper trendline of the consolidation phase. APE coin is currently trading with strong downtrend momentum towards the lower trendline of the parallel channel over the chart. However, volume change can be seen below average and needs to grow for APE coin to soar back through the channel. Technical indicators suggest the downtrend momentum of APE coin. APE investors must look for any directional change over the daily chart.
Technical Levels
Support Levels: $6.50 and $6.00
Resistance Levels: $7.50 and $7.80
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
