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Cryptocurrency News Articles
ApeCoin (APE) Faces Strong Resistance at $1.755, Will the Bears Drive Prices Lower?
Oct 24, 2024 at 04:00 am
ApeCoin is facing a tough setback as bearish momentum intensifies, with the price hitting a strong resistance at $1.755. After an attempt to push higher
ApeCoin (CRYPTO: APE) is facing a setback as bearish momentum builds up following an attempt to push higher. After hitting a strong resistance at $1.755, the bulls have lost ground, allowing the bears to halt the upward movement and take control of the market.
This key resistance level is signaling a potential shift in market dynamics. As traders look for signs of whether the bulls can stage a recovery or if the bears will drive prices lower in the coming days, ApeCoin's future direction hangs in the balance.
This article analyzes ApeCoin's struggle against strong resistance at the $1.755 level, focusing on how the bears have gained control of the market. It explores the factors driving the current bearish strength, examines key support and resistance levels, and assesses the likelihood of further downside pressure or a potential bullish recovery.
Bearish Momentum Builds As ApeCoin Hits Key Resistance
On the 4-hour chart, APE's price has turned bearish, pulling back toward the $1 mark and the 100-day Simple Moving Average (SMA) after encountering strong resistance at $1.755. This retracement signifies a shift in momentum as the bulls failed to maintain their upward push, allowing bears to take control.
An analysis of the 4-hour Relative Strength Index (RSI) reveals a significant decline, with the signal line dropping to 49% from its previous peak of 92%. Usually, a fall below the critical 50% threshold suggests that bears are gaining control of the market, leading to more downside if the RSI continues to trend lower.
On the daily chart, ApeCoin's price is facing increasing selling pressure as it drops toward the 100-day SMA, forming negative candlesticks and a trend toward lower levels. If bulls fail to defend the current support, we can expect further declines, with the 100-day SMA being a crucial level for either a potential reversal or a continuation of the downward movement.
Finally, on the 1-day chart, the RSI has moved to 65% from its previous position in the overbought zone, indicating that buying pressure has decreased and the market could be entering a period of consolidation or a possible pullback.
Support Levels To Watch Amidst Bears’ Control
As bearish momentum strengthens, key support levels become critical in determining ApeCoin's next move. The first level to watch is the $1 mark, which serves as both a psychological and technical support, aiming to prevent further declines for ApeCoin.
If bears push the price below this, the next significant support lies around $0.66. A break below these levels could pave the way for additional losses as sellers continue to exert pressure.
However, if APE bulls manage to stage a recovery at the $1 support level, we could see ApeCoin's price begin to rebound toward the $1.755 resistance. A successful breakout above this resistance would signal a stronger bullish resurgence, with the price potentially heading toward the $2.1 level and beyond.
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