The price of ApeCoin (APE) experienced a 24-hour loss according to CoinMarketCap. This brought the price of the altcoin down to $3.12 at press time. In addition to this, the recent decrease in the crypto’s price had pushed APE down to a key support level, which, if broken in the next 2 days, could be catastrophic.
APE / USDT 1D (Source: TradingView)
From a technical perspective, APE’s price had been in a downward trend since the end of January this year. Since then, the altcoin had dropped from a high of $6.418 to its price at press time. Furthermore, the daily chart for APE/USDT showed that it was still in a bearish price channel, which may push the altcoin’s price down even more in the next few days.
APE’s price had dropped below the key resistance level at $3.374 in the last week and had not been able to flip the level back into support in the days that followed. As a result, the crypto’s price was lingering slightly above the next major support level at $3.082 at press time.
Technical indicators on APE’s daily chart suggested that its price would break below the $3.082 mark in the next 24 hours, as the 9-day EMA line was trading bearishly below the 20-day EMA line. These two key technical indicators were also acting as strong resistance levels for the altcoin’s price – adding further sell pressure to APE.
Furthermore, the daily RSI indicator was also flagging bearish at press time. The daily RSI line was trading well below the daily RSI SMA line, and was also steeply sloped towards oversold territory. This indicated that APE was under a large amount of sell pressure.
Should APE’s price close below the aforementioned $3.082 mark, it will be at risk of dropping to the next support level at $2.758 in the following 24-48 hours. On the other hand, APE’s price closing today and tomorrow above this level will result in the crypto’s price looking to break above $3.374 soon.
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Source: Cryptocurrency - investing.com
