Disclaimer: The findings of the following analysis are the authors’ sole opinions and should not be considered investment advice.

The higher timetable charts for ApeCoin suggested that the downtrend could continue, especially as a hidden bearish divergence developed. Bitcoin was also in a strong downtrend and a move below $20k cannot be ruled out just yet. Fibonacci extension levels provided some support levels for APE, with the $3 also likely to be important in the days and weeks to come.

APE- 12 Hour Chart

Source: APE/USDT on TradingView

Fibonacci’s retracement and expansion levels (light yellow) plotted up from $10.51 to $27.6. This APE move took place in April. The extension levels on the downside gave support levels at $5.86 and $1.97.

The $5.86-$6 area also had a prolonged horizontal support level that has since flipped into resistance. June selling pressures caused APE to slide right past the $5 and $4 psychological support levels. $3.1 came to the rescue and a bullish engulfing candle was spotted during the most recent trading session.

Does this indicate an upward move? Not necessary. At the higher timeframes, even a move to $5 would not be enough to make the market structure bullish.

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Source: APE/USDT on TradingView

The RSI has been below the neutral 50 line since late April. This signifies the brute force of the bears of recent weeks. At the time of writing, a hidden bearish divergence (orange) emerged. The price made a lower high as the RSI climbed higher. The divergence signaled a continuation of the previous downtrend.

The Awesome Oscillator was also below the zero line, showing that the momentum was southward. The A/D line also dropped in the charts. Combined with a CMF value of -0.26, the selling pressure appeared to be acute.

Conclusion

The severe pressure on the sell side meant that recovery for ApeCoin was unlikely for now. A move above USD 7.5 would be necessary to break the bearish market structure. At the time of going to press, the demand to initiate such a recovery had not been seen.



This post ApeCoin [APE]: Now that recovery is out of reach, you can find some peace here

was published first on https://ambcrypto.com/apecoin-ape-with-recovery-beyond-grasp-heres-where-you-can-find-some-respite/

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