Apecoin’s rejection at the $9.5 level speaks for itself from a short-term technical standpoint.


disclaimer: The following analysis results are the sole opinions of the authors and should not be construed as investment advice.

Bitcoin met some resistance at the $30.8k level as BTC price again slid below the $30,000 mark, forming a hidden bearish divergence with momentum indicators over the higher period. As a result, altcoins are also starting to face selling pressure. ApeCoin saw significant demand from its recent $5.5 low and the bulls were fighting for control of the $8 zone at press time.

APE- 1 hour chart

Source: APE/USDT on TradingView

A series of Fibonacci retracement and expansion levels (yellow) were drawn based on the APE movement from $17.65 to $11.77 earlier this month. Over the past few days, the 27.2% and 61.8% expansion levels have been found to be quite significant.

A bearish order block was found in the $8 area. This was delimited by the turquoise box as an area where sellers could gain control and exert enough selling pressure to cause a sharp drop thereafter.

However, over the past few days, the price has hit higher lows after falling to $5.4, and at press time the price was trading at the $8.13 level and above this demand zone. If the session closes below this area, the APE could drop to the $7 mark or further south to the $5.8 level.

rationale

ApeCoin Can't Go Above $9.5, Has The Structure Changed To Optimism?

Source: APE/USDT on TradingView

On the hourly chart, the RSI slipped below the zero line, giving an early signal that the bears are starting to assert themselves. The Awesome Oscillator also fell below the zero line, indicating that bearish momentum is starting to pick up. However, at the time of press release, it has not yet fallen significantly.

OBV has risen very strongly over the past two days and demand was substantial as APE rose from the lows of $5.5. The influx of buying pressure meant that ApeCoin could push higher after the retreat.

conclusion

In the south, the $7 and $5.4 levels could support APE in a session that closed below the $8.1 level. A higher $9.5 on the chart would be where the seller remains bullish. The $10.58 level should also provide resistance to the price movement as it marks the lows of March and early April.

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