- Bears have seized the market as APE prices decline.
- Bulls must maintain their grip on the resistance level in order to counter the current trend.
- APE’s current value has decreased by 4.42% to $4.36.
Over the past 24 hours, APE traders have continued to lose money as bears have been effective in driving down the price of the virtual currency. APE’s price declined by 5.21% after encountering resistance of around $4.58.
Apecoin was trading at $4.36 at press time. With this factored in, its market capitalization decreased by 4.92% to $1,333,867,085.However, the trading volume increased by 16.45% to $108,986,464.
The 50 Moving Average and the 200 Moving Average were seen above the asset’s price movement in the 4-hour timeframe. This indicates a bearish motion. Additionally, showing a languid price movement, the longer-term MA is crossing over the shorter-term MA.
The Relative Strength Index (RSI), which currently has a value of 32.76, is near the oversold region and trending downward. This RSI level shows that the market may continue to move in this direction, given that the selling pressure is intensifying.
The current bearish trend is about to stop since the CMF has a reading of 0.01; a move above the 0 level predicts that the price may rise.
Bollinger bands that are bulging indicate rising volatility. Since it indicates that the present trend is about to end and a breakout is about to occur, this brings some relief. The lower band touches 4.363, while the upper band touches at 4.615. However, the Moving Average Convergence Divergence (MACD), which has crossed below the signal line and is currently reading in the negative region at -0.056, indicates that the bearish trend may continue.
The bulls must maintain the resistance level and drive prices higher in order to buck the bears’ dominance and reverse the downward trend.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
, which recently reached its high of $4.58, has dropped sharply to $4.36, a 4.42% decline. Read more.){kind=link}