•APE/USD is currently priced at $4.17 and has decreased by 21.40% over the past day
•The trading volumes have increased by a massive 81.53% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: ApeCoin witnesses a bearish turn of events
The ApeCoin price today is $4.17 USD with a 24-hour trading volume of $380,915,810 USD. ApeCoin is down 21.40% in the last 24 hours. The trading volumes have increased over the past day amid increased selling pressure whereas the Volume to Market Cap ratio stands at 0.3128 for the altcoin.
APE Price is currently transacting below the 20,50 SMA on the four-hour chart which signals the bear market is in full flow and the asset is not done falling yet. The daily chart for ApeCoin is a continuation of the weekly trend for the coin’s price as the price of APE continues its descent by dropping more than 21% in the past day alone. If the asset continues on its current trajectory, it will likely encounter support at $4 whereas in the event of a comeback by the bulls, ApeCoin will encounter a find resistance level placed at $4.50.
Long-Term View for ApeCoin
APE has slumped below the much-derided oversold territory as the RSI indicator currently stands at 29.54. The green histograms have been stagnant for a month and now are about to give way to the red bars on the daily MACD chart. The MACD and signal lines continue to transact in the negative zone while a bearish crossover is on the horizon. Thus, the bearish sentiment regarding ApeCoin is not likely to fade anytime soon.
Conclusion
The technical indicators for APE show that the coin is currently facing steady sell-offs as the ApeCoin Price has started oscillating downwards. Hence, the downtrend is likely to continue for APE as the asset is showing no signs of recovery as of today.
Support: $4-$3.50
Resistance: $4.50-$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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Source: https://www.thecoinrepublic.com/2022/06/12/ape-price-analysis-apecoin-scrambling-for-support-from-the-wider-crypto-market/