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- ApeCoin price has struggled a lot in the cryptocurrency bloodbath and the token has been hovering just above its all-time low.
- APE crypto is trading at 20 and 50 EMA but is still below 100-day Daily Moving Average.
- The pair of APE/BTC is at 0.0002943 BTC with an intraday drop of 1.62%.
Following some intriguing patterns on the daily chart, the price of Apecoin is currently in a decline. APE cryptocurrency is currently trading at a lower level and is approaching its all-time low, making it difficult for it to gain support. APE Crypto wants to stop the upward trend, and in order to do so, it needs to find more buyers to counter the sellers and keep it out of the grasp of the short-sellers. The price of APE coins needs to increase in order to climb back up to the higher range. Investors in APEs must watch the daily chart for any directional changes.
Currently, the estimated value of ApeCoin is $5.56, a decrease of 2.29% from the market capitalization of the previous day. Comparatively, the trade volume during the intraday trading session decreased by 20.71%. This demonstrates that sellers are attempting to push APE cryptocurrency down toward its record low of $3.10. The volume to market cap ratio is 0.1776.
On the daily price chart, the price of the APE coin is rapidly declining. More buyers are needed in order for the token to go through the parallel channel. Volume change, which is currently below average, needs to rise in order for the APE currency to cross the channel once more. Before analyzing the price movement of the APE coin, investors must wait for any directional change.
What do Technical Indicators Suggest about APE?
More buyers are required for the price of the APE coin to soar again toward the parallel channel. APE bulls must gather their strength while they wait for the token to throttle hard and shoot back into the pattern. Technical indicators show how quickly the APE currency is moving downward.
The APE coin’s decreasing velocity is shown by the Relative Strength Index. The RSI is getting close to neutrality at 52. The MACD shows the decreasing velocity of the APE coin. During the day’s trading session, there may be a negative crossing between the MACD and signal lines. APE investors should keep an eye on the daily chart for any shifts in trend.
Conclusion
Following some intriguing patterns on the daily chart, the price of Apecoin is currently in a decline. APE cryptocurrency is currently trading at a lower level and is approaching its all-time low, making it difficult for it to gain support. APE Crypto wants to stop the upward trend, and in order to do so, it needs to find more buyers to counter the sellers and keep it out of the grasp of the short-sellers. Before analyzing the price movement of the APE coin, investors must wait for any directional change. Technical indicators show how quickly the APE currency is moving downward. During the day’s trading session, there may be a negative crossing between the MACD and signal lines. APE investors should keep an eye on the daily chart for any shifts in trend.
Technical Levels
Support Levels: $5.00 and $4.20
Resistance Levels: $6.15 and $6.50
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
