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ApeCoin Price Prediction: Sellers’ Pressure May Break Down $4.1 Support Level

ApeCoin Price Prediction: Sellers’ Pressure May Break Down $4.1 Support Level
ApeCoin Price Prediction: Sellers’ Pressure May Break Down $4.1 Support Level

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ApeCoin is testing $4.1 support level

APEUSD Price Analysis – October 13

A breakdown at the support level of $4.1 by the sellers will expose ApeCoin to $3.2 and $2.0 support levels. In case the bearish momentum fails, bulls will take over, above the current price level are found resistance levels at $4.5, $5.2 and $5.9.

Key Levels:

Resistance levels: $4.5, $5.2, $5.9

Support levels: $4.1, $3.2, $2.0

APE/USD Long-term Trend: Bearish

APE/USD is on the bearish movement in the daily chart. The bulls could not continue on the bullish trend embarked upon last three weeks. When the price was pushed to the resistance level of $6.4, the bullish momentum failed. Sellers gained momentum and the coin was pushed down to the support level of $4.1 which is the previous low.

The Relative strength index Period 14 on the daily chart is at 35 levels with the signal line pointing downwards which indicate a strong bearish signal. A breakdown at the support level of $4.1 by the sellers will expose ApeCoin to $3.2 and $2.0 support levels. In case the bearish momentum fails, bulls will take over,  above the current price level are found resistance levels at $4.5, $5.2 and $5.9.

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APE/USD Price Medium-term Trend: Bearish

The ApeCoin is bearish on the medium-term outlook. Last three weeks, the price moved upward with the formation of more bullish candles when it was rejected at the support level of $4.1 on 06 September. The resistance level of $6.4 was tested and the price bounced off to retest the previous low support level of $4.1. The price is currently pulling back towards $4.5 level.

The 9-day EMA has crossed the 21-day EMA downside with the price trading below the two EMAs, confirming the bearish movement. Should bears continue to increase their momentum, ApeCoin price will decrease further. The relative strength period 14 is at 26 levels with the signal line pointing up which connote buy signal.

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