APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?

ApeCoin’s (APE), has performed well with recent price increases.

  • ApeCoin moves erratic on an ascending parallel channels.
  • Price remains at or above the $6.5 support area.
  • APE/USD pairing gearing sideways was spotted at 0.000286 Satoshis.

Prices have risen because of the strong buying environment. APE has reached an all-time high of $7.8 over the last week, thanks to the uptrend.

On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. With increased sales expected in the coming days, the altcoin will retrace its previous 7.5% gains.

APECoin Prices Trade at $6.83

Based on CoinMarketCapAPE Coin price fell by 1.39% to $6.83 at press time.

In accordance with the previous bullish candle, a weekly price candle was formed. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.

APE currently hovers over the $6.5 support level and buyers seek to preserve it.

The $8.0 mark is the key resistance zone for bulls. If the bulls can break this resistance zone, $10 could be their next target. The RSI (RSI) for APE has been hovering below the semiline seen in the daily price timeline.

Although the MACD remains above the neutral area, it still appears rather flat or tepid. The histogram also is weakening.

RSI: Bears Trying To Claim Their Way In

ApeCoin traded in an uptrend parallel channel, despite the price drop to $8.0. The RSI has a little retracement. If it breaches the half-line below, bears may breach the parallel channel.

APE is currently trading below 50 EMA and has fallen to 20 EMA on the daily chart. APE coin prices have been in an ascending channel for more than one month, or at least since July 13. While the bears remained clutching onto the token, the bulls were not content and tried to keep the token in the trendline’s upper range.

APE coin is currently trading in a strong downtrend, closing close to the trendline for the ascending parallel channel. APE coin needs to gain huge support from bulls as soon as it reaches the trendline. Then, hit the reverse button to stop further falls below the channel. 

APE market capital total at $2.09 Billion on weekend chart Source: TradingView.com| Source: TradingView.com

AirdropAlert's featured image, chart from TradingView.com

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