2023-9-29 09:30 |
Metaverse token like Apecoin has seen an extreme drop in price since the start of the year as the entire crypto market experienced a severe meltdown. It has traded calmly above $1 over the past two weeks, poising for a price break.
In January, Ape’s price increased by over 80% to reach $6.4 following a notable recovery from $2.65 in late last year. The bullish rally eventually halted at the end of that month with a bearish interception and the price started to decline.
Aside from losing its ranking place to Internet Computer – ICP a few months later, Ape’s price dipped so much that its market cap fell to $428.5 million at the time of writing.
As things got worse for the metaverse token, causing the value to depreciate heavily to the low of $1.07 after eight months of steady meltdown, the bears took a break as that low stood as temporal support for almost two weeks.
But as it appears now, the price has reached an oversold area as the bear cycle slowly comes to an end from a technical standpoint.
When writing, the price increased by 3% to $1.16, attempting to break out of a descending wedge that has been forming since late January. If a breakout occurs, Ape may retake August’s high. Such a setup could signal a short-term reversal.
If the bears mount pressure again and crack down the crucial $1 level, we can expect a 50% drop or even lower before this pair finds support around the wedge’s lower boundary.
APE’s Key Levels To Watch Source: TradingViewThe potential resistance levels to consider for a wedge breakup are $1.36, $1.745 and $2.14, marked as August’s high. The $2.53 level would be next if those resistance levels flip.
In case of a crackdown, the immediate level to keep an eye on for support is $0.7, followed by the $0.5 level
Key Resistance Levels: $1.36, $1.745, $2.14
Key Support Levels: $1, $0.7, $0.5
Spot Price: $1.16 Trend: Bearish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: inueng/123RF // Image Effects by Colorcinch
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