ApeCoin
APECoin Price Analysis: Market cap slips below $2 billion, is it a Right to exit?
- APECoin appears to be in a sideways trend as it is heading towards a monthly low of $5.17.
- In terms of the daily price chart, APECoin remains below the 20-day exponential moving average.
- The APE/BTC pair was trading with a decline of 8.6% at 0.0002272 Satoshis.
Since its launch, APECoin has been showing a roller-coaster ride in terms of daily price charts. Thus, April was a good month for buyers as it climbed around 57%.
In addition to the bullish rally, the APE token fell dramatically as buyers have lost nearly 67% since the beginning of May. During the downtrend, the bears recorded a 90-day low at $5.17 on May 11 with a higher-highs and a higher-lows formation.
Thus, altcoin is trading at $6.6 Mark at the time of writing. Although, the price action observes sideways for over a week. As per the CMC, the Market Cap is down by 10.6% at 1.9 Billion in the last 24-hours.
As per the USDT pair, the APECoin along with the Bitcoin pair was trading with a decline of 8.6% at 0.0002272 Satoshis. However, the trading volume seems to be very low as compared to the other days. Meanwhile, last night there was a drop of 16% in trading volume.
APE on 4-hours price chart
On lower time frames such as the daily and 4-hours terms, the 20-day exponential moving average is holding above the daily value of the APE.
The RSI indicator is retesting the oversold zone on the 4-hours price scale. On the other hand, on the daily graph, the RSI peak is about to hit the doors of the oversold zone.
Conclusion
Technical indicators are suggesting weakness for APECoin as per daily price action. Buyers may see a fall to a low of 90 days.
Support level- $5.0 and $1.0
Resistance level- $10 and $15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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