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ApeCoin’s price has secured its place as the second-highest daily crypto mover. However, the market still seems poised for a continuation of the downtrend. Consequently, only swing traders may be able to capture the modest profits available in this market.
Key APE Statistics:
Current ApeCoin Value: $1.124
APE Market Cap: $409,906,809
Circulating Supply of ApeCoin: 368,593,750
Total Supply of ApeCoin: 1,000,000,000
APE CoinMarketCap Ranking: 75
Key Price Levels:
Resistance: $1.124, $1.200, and $1.300
Support: $1.120, $1.050, and $1.000
ApeCoin Bulls Appear Strong Enough to Sustain an Upside Correction
Bulls seem to dominate the ApeCoin daily market. The current session shows that more significant profits have been generated compared to previous trading sessions. At this point, the closing price of the last candle is positioned just above the ceiling of the downward-sloping price channel outlined in this chart. Consequently, this has elevated the token’s current price just beyond the 21-day Moving Average curve.
The Relative Strength Index (RSI) indicator continues to suggest that bullish momentum remains robust, with the indicator’s lines steeply ascending into the overbought region. Despite the medium-term price behaviour, it appears that bulls are poised to break the downward price trend.
APE Encounters Strong Resistance
As previously anticipated, the APEUSDT price chart has now revealed robust resistance at the $1.125 price level. This is evident as the price action has been unable to move upward from this level. Two red price candles are visible on the chart, indicating that a further downward correction may occur in this market.
Simultaneously, the RSI lines have undergone a bearish crossover deep within the overbought region, signaling that the upside momentum has been excessively extended. Combined with the recent medium-term price history, it can be inferred that the downward retracement may persist towards the $1.080 level.
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