APEUSD Price Analysis – March 20
More pressure from the seller pushed the price downward and was able to break the nearest support level of $11. Last week was bearish. As at present the price is making attempt to break down support level of $10.
KEY LEVELS:
Resistance levels: $11, $13, $14
Support levels: $10, $8, $7
APE/USD Long-term Trend: Bearish
APE/USD made an attempt to push higher last week above the resistance level of $14 but closed lower towards the level of $13. The price has kept ranging within the resistance level of $14 and former support level of $13 on the hourly charts for more than twenty four hours. The formation of a strong bearish candle broke the support level of $10. More pressure from the seller pushed the price downward and was able to break the nearest support level of $11. Last week was bearish. As at present the price is making attempt to break down support level of $10.
The Relative strength index Period 14 on the hourly chart is at oversold, below the level 20, with its signal lines pointing downwards, which indicates the probability of a further bearish movement this week should the support level of $10 holds not.
APE/USD Price Medium-term Trend: Bearish
The ApeCoin is bearish on the medium-term outlook. The price has been moving downward with the formation of more bearish candles, which indicates that bears were in control of the price last week. Looking at the support and resistance levels, the price is currently hovering within the boundaries of the resistance level at $11 and the support level at $10. It would take a strong directional movement for the price to leave the boundaries. As the current position of the Relative Strength Index period 14 suggests a bearish rise in momentum.
The 9-day EMA has crossed the 21-day EMA downward with the price below the 9-day EMA, confirming the downtrend. Should ApeCoin price go up to the resistance level at $11 and produce a bullish pattern, then upward movement could be anticipated.
