ApeCoin Faces Strong Resistance As Bears Seize Control At $1.755
October 23 2024 - 4:00PM
NEWSBTC
ApeCoin is facing a tough setback as bearish momentum intensifies,
with the price hitting a strong resistance at $1.755. After an
attempt to push higher, the bulls have lost ground, allowing the
bears to take control and halt the upward movement.
Particularly, this key resistance level has emerged as a
significant barrier, signaling a potential shift in market
dynamics. With pessimistic pressure mounting, ApeCoin’s future
direction hangs in the balance, as traders look for signs of
whether the bulls can stage a recovery or if the bears will drive
prices lower in the coming days. This article analyzes ApeCoin’s
struggle against strong resistance at the $1.755 level, focusing on
how the bears have gained control of the market. It explores the
factors driving the current bearish strength, examines key support
and resistance levels, and assesses the likelihood of further
downside pressure or a potential bullish recovery. Bearish
Momentum Builds As ApeCoin Hits Key Resistance Recently, APE’s
price has turned bearish on the 4-hour chart, pulling back towards
the $1 mark and the 100-day Simple Moving Average (SMA) after
encountering strong resistance at $1.755. This retracement marks a
notable shift in momentum, as the bulls failed to maintain their
upward push, allowing bears to take control. An analysis of the
4-hour Relative Strength Index (RSI) reveals a significant decline,
with the signal line dropping to 49% from its previous peak of 92%.
Typically, a fall below the critical 50% threshold suggests that
bears are gaining control of the market, possibly leading to more
downside if the RSI continues to trend lower. Related Reading: Is
Apecoin On Your Radar? APE Soars By 30% In 48 Hours, Signaling A
Potential Bull Run Also, the daily chart for ApeCoin shows
increasing negative sentiment, with negative candlesticks and a
decline toward the 100-day SMA, reflecting rising selling pressure
as ApeCoin struggles to hold higher levels. If bulls don’t defend
the current support, additional declines are possible, making the
100-day SMA a critical level to watch for either a potential
reversal or continued downward movement. Finally, on the 1-day
chart, the RSI has fallen to 65%, down from its previous position
in the overbought zone suggesting that buying pressure has eased
and that the market could be entering a period of consolidation or
possible pullback. Support Levels To Watch Amidst Bears’ Control As
bearish momentum strengthens, key support levels become crucial in
determining ApeCoin’s next move. The first level to watch is the $1
mark, a psychological and technical support that could help prevent
further declines for ApeCoin. Related Reading: Is Apecoin On Your
Radar? APE Soars By 30% In 48 Hours, Signaling A Potential Bull Run
Meanwhile, if bears push the price below this, the next significant
support lies around $0.66. A break below these levels could lay the
groundwork for additional losses, as sellers would likely increase
pressure. However, if APE’s bulls manage to stage a recovery at the
$1 support level, the price of ApeCoin could begin to rebound
toward the $1.755 resistance. A successful breakout above this
resistance could pave the way for more upward movement, potentially
targeting the $2.1 level and beyond, signaling a stronger bullish
resurgence. Featured image from Adobe Stock, chart from
Tradingview.com
ApeCoin (COIN:APEUSD)
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From Nov 2024 to Dec 2024
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