APE Price Analysis: ApeCoin unable to recover from malaise

•APE/USD is currently priced at $4.63 and has decreased by 5.23% over the past day

•The technical indicators suggest a hawkish outlook for the near term

•The trading volumes have increased by 17.40% over the past day 

Short Term View: Will the ApeCoin price downfall breach the $4 level?

The ApeCoin price today is $4.63 USD with a 24-hour trading volume of $164,648,926 USD. ApeCoin is down 5.23% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1188 for the altcoin.

The recent upside witnessed in ApeCoin wasn’t enough for the asset to overcome the bearish trend and the altcoin is starting to come back under downside pressure. If the momentum continues to side with the bears and the bulls fail to cross the strong resistance around $5, then the APE price could witness a minor correction and drop to the support placed at $4 or even lower. Currently, ApeCoin is transacting below the 20,50 SMA on the four-hour chart, reflective of the bearish trend prevalent in the market.


Long Term View for APE

The RSI slope for APE is transacting below the 14-day average (trading at 44.53) and reflects a gradual rise in the underlying bearishness. The asset is displaying weak sentiment as it struggles to attract buyers at the current price levels. The green histograms have waned in strength on the daily chart and are about to make way for the red bars. The MACD and signal lines are also transacting in the negative territory as well which is a major boost for the ApeCoin bears.

Conclusion 

The APE price is experiencing an increase in selling pressure, evident by the bearish engulfing candle developing on the daily chart. Hence the prices are likely to continue falling in the days ahead as buyers have given way to sellers.

Support: $4

Resistance: $5

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.