ApeCoin remains stable at key levels - can it rebound?
ApeCoin is stable at the key $1 support level, triggering speculation on whether longs are ready to come back, as the currency pair has held above this key point. Recent bearish pressure has pushed Token towards a potential revival, but the key question is: can buyers hold this level and push prices higher? With the momentum shifting and market sentiment constantly changing, either an upward breakthrough will occur, or a collapse.
On the 4-hour chart, the price of APE is consolidating above the 100-day Simple Moving Average (SMA) and the key $1 support level, indicating market indecision. Although the position above the SMA suggests a bullish trend, this consolidation could lead to a Rebound or a sharp decline, depending on whether long positions or short positions dominate.
At the same time, the 4-hour comprehensive trend oscillation indicator of ApeCoin shows a bearish signal, as its SMA line crosses below the signal line near the zero level. This kind of crossover attempt is usually seen as a bearish indicator, indicating that the downward momentum may be strengthening. Successfully crossing below the signal line may confirm a trend reversal, possibly foreshadowing more dumping pressure on APE in the near future.
The daily chart shows that APE is in a consolidation phase and shows a downward trend near the $1 level. Despite trading above the 100-day moving average, increasing dumping pressure has raised concerns about whether it can maintain above $1. The combination of consolidation and bearish momentum may indicate its difficulty in maintaining its position and could lead to a further decline if the bearish trend continues.
A detailed analysis of the 1-day comprehensive trend oscillation indicator shows that ApeCoin is in an Overbought state, indicating the possibility of further decline. The signal line is attempting to cross the SMA line, which usually indicates a shift in momentum towards downward pressure. If this crossover occurs, it may enhance the likelihood of continued decline, causing traders to reconsider their positions as dumping pressure increases in a weakened bullish sentiment.
According to the analysis, the price of ApeCoin seems to have the potential to fall to the support level of 1 dollar. Breaking this level may lead to further decline in Crypto Assets and may push it down to the support level of 0.660 dollars or even lower.
However, if ApeCoin breaks through the $1 mark, the price may pump to the resistance level of $1.7. In addition, breaking this level may trigger further pump, potentially leading to a resistance level of $2.1 or even higher.
(Data Source: Godspower Owie)
