Apecoin price analysis reveals a downtrend for Apecoin as it fluctuates between $7.06 and $8.47. The market has begun to enter a period of consolidation as the bulls and the bears battle for control. At press time, Apecoin is trading at $7.22 and has lost 1.65% of its value in the last 24 hours. The current market sell-off is likely to see APE prices dip below $7.06 in the near term.
Apecoin price has recorded a trading volume of $632,480,087 while its market capitalization stands at $2,147,713,057. The digital asset is ranked 28 on the list of largest cryptocurrencies by market capitalization.
APE/USD 1-day price chart: APE bears mark 11.82 percent losses
The price movement for Apecoin on the 1-day price chart reveals the cryptocurrency has been trading between a range of $7.06 and $8.47 since it made its all-time high at $9.52. The market has been in a downtrend for the past few days as it fluctuates between these levels. The market volatility on the daily timeframe is high as the Bollinger bands are extremely wide.
On the downside, if the APE/USD pair breaks below the support level of $7.06, it could target the $6.50 level. On the other hand, a sustained move above the resistance at $8.47 would invalidate the bearish setup and can push prices towards $9.52.
Further technical indications reveal a prevailing bearish trend in the market as the 50-day and 200-day moving averages cross over to the downside. The MACD also indicates a bearish trend as the signal line crosses over the MACD line to form a bearish crossover. The Relative Strength Index indicator is currently at 36.10 and is slowly climbing towards the oversold zone, which suggests that the market may see some relief soon.
Apecoin price analysis on a 4-hour chart: Recent developments and further technical indications
The 4-hour Apecoin price analysis reveals a market that has been in a downtrend since it made its all-time high. The market has been fluctuating between $7.06 and $8.47 as it consolidates the recent gains. The bulls have been unable to push the price above $8.47, which is acting as a strong resistance level.
The 50-day moving average is currently at $7.63 and the 200-day moving average is at $7.41, which indicates that the market is in a downtrend. The MACD indicator is bearish as the signal line crosses over the MACD line to form a bearish crossover. The RSI indicator is currently at 39.39 and is slowly climbing towards the oversold zone, which suggests that the market may see some relief soon. The Bollinger bands on the 4-hour price charts are starting to widen, which indicates that the market is becoming more volatile.
Apecoin price analysis Conclusion
Apecoin price analysis shows that APE/USD has undergone bearish conditions in the long-term and conversely bullish conditions in the short term. If the current bullish momentum continues, which is possible and expected then there’s is a chance that the cryptocurrency will break above the $8.47 resistance mark soon.
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