The crypto space struggles to regain momentum as the market constantly trades in the red. Bitcoin and top altcoins continue to hover around their support levels as the industry trades under the bear’s influence.
The APE price has been trading in a consolidated range of $1.078 and $1.135 since the start of September, following which the Apecoin gained a massive price action, resulting in the price breaking out of multiple resistance levels.
The price was rejected multiple times at the resistance level of $1.260, after which the coin lost momentum and plunged.
The APE coin price was seen trading in a descending channel since the start of October, indicating a bear power in the market. Further, the price recently broke out of the channel and started trading in a consolidated range, suggesting a possibility of a trend reversal soon.
The MACD displays a constant green histogram indicating an ongoing price action for the coin. Moreover, the chart has displayed a rising green candle, suggesting the price will continue rising in the coming days.
If the bulls manage to gain momentum and push the price above the $1.078 mark, then the price will gain a bullish momentum and continue rising its value. Further, if the market manages to hold the price, then the price will prepare itself to test its upper resistance of $1.135.
On the contrary, if the bears regain power over the bulls, the price will experience another in value, resulting in the price testing its support level of $1.102. Moreover, if the market fails to hold its price at that level, the price will continue to dip, lose its $1 mark, and fall towards its crucial support level of $0.970 soon.
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Twitter
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/price-analysis/apecoin-price-analysis-will-ape-price-hold-its-crucial-support-zone-or-plunge-to-new-lows/
