Will ApeCoin Break Below the $1 Mark?

ApeCoin crypto price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMAs. The crypto has failed to smash above its key resistance marks near the EMAs in the past few months, despite several attempts by the bulls. 

The crypto is currently trading near $1.449, with a marginal loss of 6.03% in the intraday session. The crypto has a potential upside target, but it needs to overcome the bearish momentum and surge above the major EMAs. The crypto has a support level of $1.135, which could prevent further upside moves. 

ApeCoin price prediction suggests that the crypto is in the firm grip of the bears and needs to show some signs of reversal before confirming a bearish trend.

The technical indicators favor the bears projecting a pessimistic outlook for the buyers. The RSI oscillators are moving near the overbought zone whereas the major EMA lines act as hurdle points for APE price.

The APE coin performance could have been not good throughout the year. It has suffered negative returns of 10.25% in the year-to-date period, 32.59% in the last six months, 11.88% in the last month, and a gain of 2.18% in the last week. That shows a persistent bearish trend that has not flipped yet.

Technical Analysis of ApeCoin Crypto Price 

ApeCoin crypto(USD: APE) is trading under the 50 and 200-day DMAs (Daily moving averages), which are not upholding the price trend. 

The current value of RSI is 46.09 points. The 14 SMA is above the median line at 42.02 points, which indicates that the ApeCoin crypto is bearish.

The MACD line at -0.046 and the signal line at -0.054 are below the zero line. A bullish crossover is observed in the MACD indicator, which signals more bullishness for the APE crypto price.

Overall, the major indicators are demonstrating the weakness in the price. The traders and the investors should wait for the proper setup before taking a further move.

Summary

ApeCoin is trading in the bearish grip heading in the downward direction. The major indicators like MACD, RSI, and EMAS are supporting the bearish trend on the chart.  The APE price action shows that the price might touch the lower levels in the upcoming trading sessions.

Technical Levels

Support Levels: The ApeCoin crypto price may find support at $1.315 and $0.999, where it could bounce back or stabilize.

Resistance levels: The APE crypto price may face resistance at $1.825 and $2.104, where it could reverse or consolidate.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.