The failed $5 support level was retested by the Apecoin (APE) price, providing an entrance point for coin sellers. The buyers are, however, rather active at the lower levels, as seen by a bullish engulfing candle during the retest phase and a notable increase in volume.
Sustainability below $5 is shown by the APE price. Below the 0.618 Fibonacci retracement line, the coin price plummeted. The $616.5 Million intraday trading volume for apecoin indicates a 13% loss.
APE prices fell to the $4.9 level following a V-top reversal from the $7.7 resistance, showing that the correction phase has practically erased 61.8% of the gains made during the recovery from mid-June to August.
The decline showed a 36% loss in comparison to the $7.7 local peak. In addition, during the current drop, the sellers have broken through a number of support levels, the most recent of which is $5. However, the APE reversed course midway and attempted the $5 support level again with a bullish engulfing candle. The price of the currency is currently down 0.5% and appears to be stable at this lower level.
The APE price should fall 14% to the $4.24 support with continued selling. However, the ultimate entry signal for side traders would be the price movement confirmation. On the other hand, coin holders might have a chance to recover and challenge the previous swing high of $7.78 if buyers could push the prices above $5.5 resistance.
Technical indicator
EMAs: A negative view is indicated by the downsloping 20- and 100-day EMAs, which reflect both the long- and short-term. Additionally, these EMAs could provide additional confirmation for selling as they approach a bearish crossover.
The daily-RSI slope recovered from the oversold neckline, showing that buyers are responding to the lower APE prices, according to the RSI indicator. The rising underlying bullish momentum is further indicated by positive divergence in this momentum indicator.
Levels of resistance: $5 and $5.5
Levels of support: $4.62 and $4.24
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Topic: APE price could decline after retest to below $4.2. (Read 221 times)