- APE shows a recovery from the demand zone amid the recent fall in token.
- Bulls willing to achieve 20 day EMA which was shown on charts.
Apecoin price is now trading below the horizon of $3.50, which was the ideal zone, but trying to claim. The recent selling and breakdown in token made the bulls survive below the 20-day EMA. Still, mature investors noted accumulating in token and trying to insert the price again above the mark of $3.50.
Moreover, the gradual inclination with decent volumes shows buyers are gaining attention towards the token and attempting to raise the momentum and claim safer marks again. Recently, selling pressure in the token was noted, which resulted in the token dragging below the multiple supports and the key EMA.
When writing, APE is trading at $3.48 with an intraday drop of 0.50%, showing the nominal move, but selling pressure was not that much compared to past weeks, and buying was witnessed in the token in the last session. Moreover, the trading volume also showed an upside of 3.30% showing interest of investors was rising.
As per the price action, APE is now facing a barrier of 20-day EMA; if the price sustains on that mark, then the price will slowly move upwards to form a lower high formation, and then afterwards trend will be reviewed near $3.50.
Daily Charts formation of APE
On the daily charts, APE is trading below the descending triangle pattern, which was recently noted with a breakdown. Bulls are trying to accumulate the coin price shown in the last session. Moreover, the recent price action indicates that the coin is acquiring fresh momentum and fetching the 20-day EMA mark.
APE is on the verge of the lower Bollinger band, but the converging bar shows an upside in the upcoming sessions.
On the 4-hour charts, APE shows unbiased views, and per the technical parameters, the indications are not favourable for any new beginning of the trend. Meanwhile, the correction is ending, and a bounce is coming.
The RSI is hovering near 50, showing a consolidation pattern near the neutral marks, and there are not any strong indications, but bulls are putting in efforts continuously.
Moreover, the MACD indicator is not indicating any clear signs because the narrow range move with the small size of candles shows weaker perspectives.
Conclusion:
Apecoin is now on the way to reclaiming the shine and trying to enter inside the previous territory of neutrality.
Technical Levels:
Support Levels:$3.00
Resistance Levels:$3.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.