APE/USD Gets Rejected at $5.710 Resistance Level

APE/USD formed a resistance level at the height of $5.710 on the 11 of September. The price was rejected after the very bullish market move that took the price to that level. The Market rallied again yesterday with very bullish market momentum that brought the price near the resistance level. Towards the end of yesterday’s trading session, traders began to take profits and this lasted into the early hours of today’s market session.

Apecoin Market Price Statistic:

• APE/USD price now: $5.515
• APE/USD market cap: $ 1,693,680,839
• APE/USD circulating supply: 306,875,000
• APE/USD total supply: 1,000,000,000
• APE/USD coin market ranking: #34

Key Levels

• Resistance: $6.000, $6.500, $7.000
•  Support: $4.500, $4.000, $3.500

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 Apecoin Market Price Analysis: The Indicators’ Point of View

Since Apecoin entered the downtrend zone on the 10th of August, it has been struggling to retrace its previous price levels. The market now needs to break the $6.000 resistance level and also form its support from here for it to cross out of the lower market territory. Recently, buying pressure and selling pressure was in a standoff and for a while, the buying pressure became strong enough to rise to the $5.710 price level. MACD lines are still below point zero on the indicator, but as the fast line had crossed over the slow line, it means that the price is rising. The last two histograms still signify a strong bullish market, even though the bears are taking the market again. But the RSI responds quickly to market change. The price bullishness has fallen to 55% from 56% between the late hours of yesterday and early hours of today.

Apecoin: APE/USD 4-Hour Chart Outlook 

Although bears took the first two trading sessions, bulls have hindered much of the bearish advances. From the look of the candlestick that represent the first trading session, we can say that the selling pressure is not too strong. But the selling pressure is just stronger than the buying pressure. There is still a possiblilty that buyers could regain their ground in todays market

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