APECoin price analysis: APE collapse near the resistance zone; which is the next support zone?

• For the last five trading sessions, APECoin price faces a retracement phase after reversing from the upper band of the Bollinger Bands indicator.
• APECoin is trading just above the 20 day moving average and the bulls barely manage to keep the cost of the asset above this zone.
• The price of the APE token pairing with the bitcoin pair is in the green zone by 1.15% at 0.0002327 satoshis.

The price of APECoin has been down for the past several weeks after reversing from the 2022 high of $27.60 mark. The price action of the APE token shows the formation of lower highs over the past several days.

APECoin is a 4-hours price chart

Source: APE/USDT by Tradingview 

In the context of the 4-hours price chart, APECoin price action broke below the upward trend line and became bearish for the short-term view. Meanwhile, bulls often fail to move above the mid-band of the Bollinger Bands indicator on the 4-hours chart.

There is an important hedge zone in the lower range of the BB indicator while APECoin against the USDT pair is trading at the $4.47 mark at the time of writing. Meanwhile, the altcoin fell 4.3% this week.

The market cap is still above $1.33 billion, up 1.3% over the past 24 hours from CMC data. During the downtrend, trading volume continued to decline, suggesting less volatility in the price of APECoin.

APECoin on a daily price scale

Source: APE/USDT by Tradingview 

In terms of the daily price chart, APECoin is trading just above the 20-day EMA and the bulls barely manage to keep the cost of the asset above this zone.

Similarly, the Daily RSI indicator got a rejection on the semi-line (50-point). At the same time, the ADX indicator continues to move downward, showing weakness in the price of APECoin.

conclusion

The bulls act as short-term support near the key $4.0 level. If APECoin’s price falls below this hedge zone, the price may drop from current levels to the $3.0 mark.

Support level- $4.0 and $3.0

Resistance level- $5.0 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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