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Here’s Why ApeCoin Price May Drop Below The $4.26 Support

Here’s Why ApeCoin Price May Drop Below The $4.26 Support

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Posted 5 seconds ago

V-Top reversal resistance at $5.7 pushed Apecoin price below the $5 support. The altcoin is currently in a retest stage, and a drop after the retest could push prices to the $4.42 support. In addition, this layer also acts as a neck support for the head and shoulders pattern.

Key Points Apecoin Price Analysis:

  • The invoice after retesting may reduce the price by 15%
  • The 20-day EMA provides dynamic resistance to the price of Apecoin
  • Apecoin’s intraday trading volume is $157.6 million, representing a gain of 20.8%

Apecoin Price Chart

Source-Trading view

Apecoin’s daily technical chart shows the formation of a head and shoulders pattern. This bullish pattern is often found at market tops when prices show a trend reversal and switch from a higher high formation to a lower low formation.

Amid the recent crypto market selloff, the altcoin reversed after the $5.7 resistance and strengthened the right shoulder portion of the pattern. The loss of four consecutive red candles was 19%, and the prices of the plugs fell to $4.57.

Also Read: Just-In: ApeCoin (APE) Community Gets Standalone BAYC NFT Marketplace

Furthermore, bearish prices are breaking the 20-day EMA and the local $5 support, indicating that sellers are targeting the other leg. However, today the coin is up 7% and retesting the broken resistance of $5.7.

However, a bullish candle aligned with lower volume indicates weakness in bearish momentum. Thus, if the selling pressure continues, Apecoin price may return to the $5.5 resistance and break the $4.24 neck support.

A bearish breakdown of this pattern would accelerate the upward momentum and challenge June’s 4.2% bottom support. Apecoin price can reach $2 limit per technical setup.

Conversely, a daily candle above $5.7 weakens the bearish pattern.

Technical indicator

Bollinger band: the price of the coin breaks the center line of the pattern from below, suggesting that buyers are looking for trend control. This center line can also act as a dynamic resistance.

RSI indicator: a daily RSI slope below the neutral line indicates the formation of a bearish sentiment among market participants.

  • Resistance levels: $5.4 and $6
  • Support levels: $4.2 and $3.2

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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