Apecoin rallied throughout the month and took a break after facing rejections at a key resistance level over the past few days. It may correct lower if the buyers fail to show more commitment.
Starting the month on a positive note, Apecoin has increased by more than 70% to mark a 3-month high at $6.4 last week. Ever since then, the price has been holding and trading above the $6 support level.
APE is currently in the middle of a consolidation. It appears the bears are showing a strong interest. The sentiments may turn bearish in the coming weeks. In fact, it is already losing grip on the lower time frame.
However, the market structure still looks bullish from a short-term perspective. But the latest reduction in the global crypto market could put the price below the mentioned support level soon, especially with Bitcoin losing almost 4% of its value in the past hours.
Should the asset lose momentum from the current trading level, a strong pullback is expected to draw down the price to the ascending trend line before it starts to increase again. Inversely, an increase above the previous resistance level will validate more buy actions.
With a market cap of $2.2 billion, it remains the best-performing metaverse crypto by market cap despite decreasing by 3% today.
APE’s Key Levels To Watch Out For
The last week’s high and low are now acting as crucial levels to determine Apecoin’s next direction.
In anticipation, the $5.88 support remains a key breakdown level for a bearish action. The nearest supports to keep in mind are $5.55 and $5.3 – the last week’s low. Other lower supports are $5, $4.732, and $4.490, respectively.
If it sustains an upward rally, the resistance level to watch above the current three-months high is $7. Above it lies $7.33 and $7.78, which marks a five-month high for Apecoin.
Key Resistance Levels: $6.4, $7, $7.33
Key Support Levels: $5.88, $5.55, $5.3
- Spot Price: $6
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
