- Apecoin price analysis is bearish today
- The strongest resistance is present at $17.43.
- APE is currently trading at $15.3
Apecoin price analysis for today reveals a downtrend for Apecoin as it fluctuates between $14 and $16. 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 $15.31 and has lost 1.58% of its value in the last 24 hours. The current market sell-off is likely to see APE prices dip below $15 in the next few hours.
The altcoin has recorded a trading volume of $1.8 billion while its market capitalization stands at $2.4 billion. Apecoin currently ranks in position 33 while it dominates 0.22 percent of the total cryptocurrency market. The larger cryptocurrency market over the day`s trade shows a positive trend with BTC/USD comfortably trading with a 1.42 percent gain followed by ETH/USD recording a 0.23 percent gain.
APE/USD 24-hour price analysis: selling pressure increases significantly
From a technical stand view, the prices broke out from a bullish trend where the bears are still exerting selling pressure at the time of writing. The relative strength index indicator shows that the coin is currently facing steady sell-offs after the indicator reached the overbought period and started oscillating downwards. The bands of the Bollinger band indicator are enlarging further as time elapses indicating increasing volatility in the market.
The price movement for Apecoin on the 1-day price chart reveals the cryptocurrency has been trading between a range of $14 and $17 since it made its all-time high at $20. The market has been in a downtrend for the past few days as it fluctuates between these levels. Further technical indications reveal a prevailing bearish trend in the market as the 50-day and 200-day moving averages both slant downwards. The price is, however, trading above these averages.
Apecoin price analysis on a 4-hour chart: Recent developments and further technical indications
On the 4-hour chart, we can see that Apecoin has begun to enter a period of consolidation as it fluctuates between $14 and $16. The market has been in a downtrend since it made its all-time high at $20. The downtrend has been strong and steady, with the market losing almost 25% of its value. However, the past few days have seen the market stabilizing as it enters a period of consolidation.
The bulls have been trying to push the price up but have so far been unsuccessful. The bears have also been unable to push the price down and the market has been stuck in a range. The strongest resistance is present at $17.43. This is followed by resistance at $16.83 and $16.13. The support levels are found at $15.53 and $15.23.
Apecoin price analysis on a 4-hour prices chart suggests that the bears were performing acceptably but the bulls plunged the price up to reach $15.42 at scripting time. The bands of the Bollinger band indicator are currently presenting the lower band at $10.23 and the upper band at $17.85.It is evident that the volatility is extremely high and further changes are anticipated. The relative strength index is relaxing over the 50 mark showing that the coin is still ripe for buyer action as the MACD line is currently over the signal line.
ApeCoin price analysis conclusion
The 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 $17.43 resistance mark soon.
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