ApeCoin Price Analysis – August 5
The ApeCoin price is being attacked by the bears just as many of the coins in the crypto market are in the red zone.
APE/USD Market
Key Levels:
Resistance levels: $10, $11, $12
Support levels: $5, $4, $3
APE/USD sudden drop disappointed the traders as the market confirms the downtrend today. However, the ApeCoin price is seen sliding towards the 9-day and 21-day moving averages. Meanwhile, a couple of days ago, a slight improvement was felt as the coin changed and turned green before reverting to the negative side yesterday.
ApeCoin Price Analysis: What to Expect from ApeCoin
At the moment, the ApeCoin price is changing hands at $7.36 where it faces down. Moreover, if the price rises above the upper boundary of the channel, it could break the $8 resistance level. However, any further bullish movement may likely push the coin towards the resistance levels of $10, $11, and $12.
On the other hand, as the ApeCoin price slumps below the channel, the bears may bring the coin below the 9-day and 21-day moving averages to hit the critical supports at $5, $4, and $3 respectively. Similarly, the technical indicator Relative Strength Index (14) confirms the downtrend as the signal line nosedives below the 70-level suggesting more bearish signals in the market.
APE/BTC Market: Consolidating to the Upside
Against Bitcoin, the price is moving above the 9-day and 21-day moving averages with a bearish candle. The technical indicator Relative Strength Index (14) is seen heading to the south which could give more bearish signals to the market. Therefore, any further bearish movement may surface as the support level could be located at 2000 SAT and below.
However, if the bulls hijack the price and push it above the upper boundary of the channel, it could reach the resistance level of 4500 SAT and above. Meanwhile, the bulls may have to gather enough momentum to be able to push the price to the north. Nonetheless, the trading volume is confirming the bearish movement at the time of writing.
