- Apecoin (APE) experiences significant downward breakout, declining over 11%.
- APE’s trading volume surges over 60% in the last 24 hours.
- APE’s price likely to continue declining, with potential to reach initial listing price.
CryptoBusy, a prominent crypto analysis platform, took to Twitter today to report a significant downward breakout observed in Apecoin (APE) during recent trading sessions. This development follows their earlier tweet wherein they predicted an imminent breakout for APE, albeit uncertain about the direction of the cryptocurrency’s price movement.
In a recent tweet, CryptoBusy highlighted the imminent convergence of APE’s price towards the apex of a descending price channel, indicating a high probability of an upcoming breakout for this meme coin. Subsequently, this forecast manifested as APE’s price began its descent in the subsequent days.
As per CoinMarketCap data, APE experienced a significant decline of over 11% within the last 24 hours. Consequently, the meme coin’s current trading value stands at $1.89. This places APE closer to its daily low of $1.96 than its daily high of $2.13.
Over the recent volatile days, APE’s weekly performance has been adversely affected, resulting in a decline of approximately 17.62% over the past seven days. However, amidst this turbulence, APE’s trading volume witnessed a significant surge of over 60% within the last 24 hours, reaching a substantial figure of approximately $86,187,377 at the time of writing.
From a technical perspective, the altcoin’s price was experiencing downward pressure due to the 9-day Exponential Moving Average (EMA) line. Furthermore, the positioning of the technical indicator below the 20-day EMA line indicated a short-term bearish trend for APE, implying that its price would likely continue to decline within the next 24-48 hours.
If the cryptocurrency concludes today’s trading session below $1.909, it will not safeguard against a potential decline to its initial listing price of $0.998 on Binance within the upcoming weeks. Conversely, should bullish investors perceive the current price of APE as an advantageous buying opportunity, the cryptocurrency can rebound and reach $2.8 in the following days.
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.
