Most metaverse tokens have recently cooled off from bearish heat, including Apecoin, which is slowly taking a U-turn after dipping to a four-month low last week.
The past months of losses have positioned Apecoin in a more downward spiral, bringing the price near a key psychological level of $3. Of course, it reacted to that area and pinned support at $3.1 during last week’s drop.
It pushed gradually from that support and began to show signs of strength following a steady increase in the last three days.
This build-up looks like a retracement to the resistance line that is drawn from January’s high. Of course, breaking that line would activate a strong buy and could also confirm a reversal if the buyers push well above $4.2.
A rejection at that resistance line would cause the price to keep falling. Howbeit, the trend is still more in favour of the bears. The bulls are trying to push the price for some days now but they seem to be struggling due to low volume inflow.
If the volume inflow increases, high volatile price actions are expected to take place. Taking a look at the volume indicator on the daily chart, we can see that Ape’s volume is still at a low. We can expect an increase in price once the volume starts to rise.
APE’s Key Levels To Watch
The closest level for a pullback is $3.26, followed by last week’s low of $3.1. If those support levels collapse amid a fresh dip, the $2.8 level would be the next bears’ target.
Following the current push, the immediate resistance level for a test lies at $3.6 and then $3.8. There’s also resistance at $4, slightly above the resistance. higher resistance levels are $4.37, $4.75, and $5.25.
Key Resistance Levels: $3.6, $3.8, $4
Key Support Levels: $3.26, $3.1, $2.8
- Spot Price: $3.4
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
