Headwind Forces ApeCoin (APE) to Relinquish a Huge Chunk of Its Profits

The APE market has seen a significant price increase today compared to recent sessions. However, downward forces have been activated, causing the token to lose a substantial part of its recorded gains in today’s trading activity. While buyers are still retaining some realized profits, let’s examine the chances of further price declines or a bullish reversal in this market.

APE Statistics:
Current APE Value: $1.542
ApeCoin Market Cap: $569,187,951
ApeCoin Circulating Supply: 368,593,750
APE Total Supply: 1,000,000,000
ApeCoin CoinMarketCap Ranking: 105

Key Price Levels:
Resistance: $1.542, $1.600, and $1.700
Support: $1.500, $1.400, and $1.300

 ApeCoin Braces Against the Storm

The sudden price spike in the APEUSDT daily market seems to have drawn bearish attention, leading to a significant downward correction in the ongoing session. The activity in this session is revealed by the long upper shadow on the last price candle on this chart.

Nevertheless, the market continues to trade above the middle limit of the Bollinger Bands. Despite the significant correction, the Stochastic Relative Strength Index (RSI) indicator lines still have an upward bearing. Consequently, technical indicators on this time frame remain optimistic, necessitating a closer look at price action in this market.

 

APE Bounces Off Psychological Resistance

Looking at the ApeCoin 4-hour market, it appears that price action has bounced off the resistance at the $1.600 mark. Subsequent session price activity has proceeded downward. The Average True Range (ATR) Indicator line has turned sideways as a result of the price downward correction. Likewise, the RSI indicator lines have started trending downward following a crossover in the overbought region.

The lines of the indicator look ruffled, suggesting that attempts made by bulls to reverse the trend have subsequently failed. Nevertheless, these indicator lines have proceeded downward, affirming the dominance of bears in this market. Consequently, this suggests that the token may reach psychological support at the $1.500 mark, at least before any possible trend reversal.

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