APECoin Price Analysis: APE Inspected Sideways at Narrow Range, Wait For Next Move

APECoin is trading lower after breaking the uptrend last week.
The Parabolic SAR indicator is showing above the current price of the APE token.
Daily price candle looks inside the previous bearish candle

For the past three days, APECoin has appeared to be trading sideways. However, APE rallied 147% from its 2022 bottom in June to its latest high earlier this month. However, it has subsequently fallen by almost 34% from its high. It is worth mentioning that its correction began significantly sooner than the rest of the market.

APECoin just broke through the upward trendline at the bottom of the chart. Furthermore, the bears kept the APE price below the critical $5.3 resistance level. Buyers like to accumulate asset values around this zone, therefore any increase in BTC might lead to an increase in altcoins such as APEcoin.

The APECoin is currently trading at $4.9 per USDT at the time of writing. If daily prices close above the $5.0-zone, the next move will be determined. Meanwhile, APECoin, like Bitcoin, is trading at 0.0002355 Satoshis, down 2.9%.

The Parabolic SAR indicator is looking above the present price of the APE token on the daily price scale. So far, APE’s decline has taken it halfway to its 2022 lows. At press time, it was trading at its July resistance levels, with a high likelihood of resistance turning into support.

RSI May Indicate Little Recovery Ahead

The daily RSI indicator has moved into the overbought territory after a steep decline from the higher sides. Besides, the MACD has entered negative territory on the daily price scale.

Conclusion

APECoin is looking sideways near the $5.0 support level. However, the RSI reached a highly oversold zone, which could potentially signal a trend reversal for the APE token. Besides, buyers need to maintain the asset above the $5.3 resistance level.

Support levels- $4.5 and $4.0

Resistance level- $8.0 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.