The Apecoin(APE) price showcase a bearish fallout of the ascending triangle in the 4-hour chart, resulting in the $13.5 breakdown. The bearish trend continues in a descending channel pattern and risks the $11.5 mark fallout.
Key points:
- The APE price turns down from the $12.6 resistance with a bearish engulfing candle.
- The 50 EMA act as strong resistance to APE price
- The intraday trading volume in Apecoin is $978.65 Million indicating a 36% loss.
Source- Tradingview
With the fallout of the ascending trendline on March 31st, the APE price fell below the $13.5 mark resulting in the triangle fallout. The downfall continues after retesting $13.5 on April 2nd in a falling channel pattern.
furthermore, the sellers drive the prices below the 50% Fibonacci retracement level in the 4-hour chart and form an accumulation range between the 61.80% level. Furthermore, the price trend shows a bearish resonance resting at $12 and might shortly test the $11.50 mark again.
If sellers crash the $11.5 support zone, the bears will outgrow the falling channel and result in a downfall close to the $10 mark.
Countering the bearish doctrine, if buyers regain trend control and result in an early bullish reversal, a bullish breakout possibility of the falling channel will increase substantially. In such a case, an uptrend to the $14 mark is possible.
Technical Indicator
Despite a lower high formation in APE price action, the RSI slope forms a swing high parallel to the previous one, indicating the rising bullish momentum.
However, the MACD indicator nearing a bearish crossover among fast and slow lines gives additional confirmation for a bearish reversal.
- Resistance levels: $12.6 and $14.7
- Support levels: $11.5 and $10.5
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/ape-price-prediction-50-ema-strong-resistance-ape-price-hold-sell/