Almost all the metaverse tokens are trading around their lows during this period. Apecoin is extremely oversold as it appears to have found a bottom. It is struggling to recover amid the break in bearish actions.
Ape has not seen a notable change in levels since the price fell to the $1 psychology level last week. This level held as temporal support as the asset entered a consolidation phase ever since.
Fortunately, the bulls have been trying to take advantage of the short relief in the downtrend; but the current volume inflow is not enough to put them on track. Still, they have not stopped showing commitment by the day.
A possible double-bottom pattern could come into play if the price increases above the $1.32 monthly resistance level. That might also signal a potential reversal on the daily chart.
As it stands now, the bears still have an upper hand to resume pressure. But with the look of things, they seem to have exhausted momentum.
Gauging the price actions with the daily volume indicator, which reveals a substantial amount of inflow, Ape is likely to post huge gains in the future as long as the trading volume continues to rise on a weekly basis.
The trend currently looks neutral-bearish on the daily chart. A dip below the mentioned psychological level could trigger more selling as the bears release pressure. The next direction of the market is yet to be known.
APE’s Key Levels To Watch
Following a wedge break and retest pattern, the immediate resistance level for increase lies at $1.32. It is followed by $1.745 and $2.14 from a short-term perspective.
If the price drops below the current psychological level, the immediate support level to keep in mind is $0.7. The next support level for a breakdown would be $0.5.
Key Resistance Levels: $1.32, $1.745, $2.14
Key Support Levels: $1, $0.7, $0.5
- Spot Price: $1
- Trend: Neutral-Bearish
- Volatility: Extremely Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.