- ApeCoin (APE) suffers 24-hour loss, current price at $3.12.
- APE’s price has been on a downward trajectory since January.
- APE’s price may dip below $3.082 threshold within 24 hours.
According to CoinMarketCap, ApeCoin (APE) suffered a 24-hour loss, resulting in a current price of $3.12. This decline has also caused the altcoin to approach a crucial support level. Should this level be breached within the next 48 hours, it could have severe consequences for APE’s value.
From a technical standpoint, it is evident that APE’s price has been on a downward trajectory since the end of January this year. The altcoin has experienced a significant drop from its high of $6.418 to its current price at press time. Additionally, the daily chart for APE/USDT indicates that it is still within a bearish price channel, potentially leading to further price declines in the coming days.
APE’s value has dipped below the crucial resistance level of $3.374 in the past week and has struggled to regain its footing as a supported asset. As a result, the cryptocurrency’s current value hovers just above the significant support level of $3.082. These developments indicate a potential shift in market dynamics and warrant close attention from investors.
Based on the technical indicators observed on APE’s daily chart, the altcoin’s price is poised to dip below the $3.082 threshold within 24 hours. The 9-day EMA line is trading bearishly below the 20-day EMA line, indicating a potential downward trend. Additionally, these two crucial technical indicators are serving as formidable resistance levels, placing additional selling pressure on APE.
Additionally, it is worth noting that the daily Relative Strength Index (RSI) indicator was signaling a bearish trend at the time of writing. The daily RSI line traded significantly below the daily RSI Simple Moving Average (SMA) line and exhibited a steep slope towards the oversold territory. These observations suggest that APE is currently experiencing considerable selling pressure.
If APE’s price falls below the previously mentioned $3.082 threshold, it may fall to the subsequent support level of $2.758 within the next 24-48 hours. Conversely, if APE’s price manages to close above this level today and tomorrow, it could pave the way for the crypto’s price to surge beyond $3.374 shortly. As such, investors must watch APE’s price movements and make informed decisions accordingly.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
