Cryptocurrency Apecoin weak after losses, bearish trend, high volatility.
The cryptocurrency market has seen a lot of volatility in the past week, with many coins experiencing significant price changes. Apecoin is one of them, having risen to a three-week high of $5.6 before dropping back to around $4.5. This drop was due to the 5% decline in Bitcoin yesterday, which caused Apecoin to lose its psychological level of $5.
For Apecoin, the short-term outlook is still bullish. It is forming a new swing high, and if it can find a rebound level above the descending channel, more buying pressure is expected. However, if Bitcoin’s price continues to fall, Apecoin could be in for more negative action.
The nearest support level for Apecoin is $4.5, and if the price falls below this, the closest support is $4.2, which coincides with the ascending trend line formed over the past two months. There is also support at $3.7 in case of a breakdown. For a rebound, the nearest resistance to watch is $4.7. If the price continues to rise, the next resistance levels to watch are $5 and $5.2.
Overall, Apecoin’s current trend is bearish, with high volatility. Therefore, investors should be aware of the potential risks when trading and investing in cryptocurrencies. They should also do their research before investing in any projects.
News Source