Disclaimer: The findings of the following analysis are the only opinions of the writer and should not be considered investment advice

Bitcoin encountered some resistance at the $30.8k level as it formed a hidden bearish divergence with a momentum indicator on a higher timeframe, and the price of BTC dropped below $30k again. This caused altcoins to come under selling pressure as well. ApeCoin has seen significant demand from the lows of $5.5 in recent days, with the bulls fighting for control of the $8 area at the time of writing.

APE-1 Hour Chart

Source: APE/USDT on TradingView

Based on APE’s move from $17.65 to $11.77 earlier this month, a series of Fibonacci retracement and expansion levels (yellow) were plotted. It showed that the renewal levels of 27.2% and 61.8% were quite significant in the past few days.

A bearish order block was seen in the USD 8 area. This delineated the cyan box as an area where sellers had seized control and then could apply enough selling pressure to trigger a sharp downward movement.

However, in recent days, the price has formed higher lows after dropping to $5.4, and at the time of writing, the price has been trading above the $8.13 level and this demand zone. A session close below this zone could see APE drop as low as USD 7, or even as far south as USD 5.8.

rode

Source: APE/USDT on TradingView

On the hourly chart, the RSI slipped below the zero line to provide an early sign that bears have begun to assert themselves. The Awesome Oscillator also fell below the zero line, demonstrating that bearish momentum has begun to pick up. However, it was not yet significantly bearish at the time of going to press.

The OBV has been up quite a bit over the past two days and demand for APE’s rise from the low of $5.5 has been significant. The influx of buying pressure meant that ApeCoin was able to push higher after a pullback.

Conclusion

In the south, the $7 and $5.4 levels could provide support for APE during a session close to the $8.1 level. Higher on the charts, the $9.5 would likely be a place where sellers remained strong. The $10.58 level would also offer resistance to the price on its way up as it represents the March and early April range lows.



This post Apecoin’s rejection of the $9.5 level says so because of its short-term technical view

was published first on https://ambcrypto.com/apecoins-rejection-from-9-5-level-says-this-for-its-short-term-technical-view/

Author

Write A Comment