APE Price Analysis Losing Bullish Momentum May Drop prices By 12%

ApeCoin

Published 54 mins ago

On July 18th, the Apecoin (APE) price breached the monthly resistance of $5.5 with a long bullish candle and significant volume. However, the following candles with long higher price reject indicate the buyer is exhausted, and the price may need a pullback to replenish the bullish momentum. But will this support hold?

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Key points: 

  • The APE market price has declined 5% in the last two days
  • The 20-and-50-day EMA crossover bolsters the continuation of bullish recovery
  • The intraday trading volume in Apecoin is $616.5 Million, indicating a 13% loss.

APE/USDT Chart

Source- Tradingview

On June 18th, the APE price rebounded from the bottom low support of $3.12. This new recovery rally managed to surpass the $4.18 resistance but couldn’t breach the next supply zone of $5.58-$5.53 for the next three weeks as the crypto market grappled with uncertainty. 

However, the tussle between the bulls and bears resolved with a significant rally, where the APE showcased 52% growth within a fortnight. This run-up breached the overhead resistance of $5.58, indicating the buyers were aiming for another leg up. Furthermore, the coin price marks a record high of $6.9 which may form the local top. 

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Furthermore, the post-retest rally accompanied by long-wick rejection and decreasing volume activity indicates a losing bullish momentum.

If the selling pressure persists, a minor retracement is plausible, which may plunge the APE price by 12-15% to retest the $5.33 support.

However, the post-correction recovery should lead the altcoin 40% higher from the $5.33 support, hitting the overhead supply zone of $7.3.

Technical Indicator

RSI indicator: The RSI slope drops lower despite a rising price action indicating growth in underlying bearishness. In addition, this divergence supports the expected pullback theory.

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EMAs: the ongoing recovery has reclaimed the 20-and-50-day EMA, offering early signs of trend reversal. Moreover, these slopes are approaching a bullish crossover near $5.5, indicating a better possibility of a bullish reversal.

  • Resistance levels: $7.5 and $9.55
  • Support levels: $$5.58-$5.53 and $4.18

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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