Apecoin APE lost momentum due to the ongoing drawdown in the entire crypto market. While the trend remains bullish on the macro level, it is currently retracing and similarly looking for key support to restart bullish.

The past six months have led Apecoin into a bullish formation after establishing base support above the crucial $1 level. Last month, it broke out of the structure and tested the $2.68 level this Wednesday. 

After the test, the price was rejected with an inverse hammer candle, indicating a potential drop. That led to selling throughout yesterday and the price fell to a low of $2 today. 

This slight correction looks healthy for the market, though it will likely end sooner than expected. Dipping below this low level could trigger a broader correction before resuming upward movement. 

However, it is important to nothing that Ape’s trend is still looking bullish weekly. We can expect bigger price movements in the next leg up. But as it stands, the bears are gaining control on the day.

Losing 12% in the last 24 hours, the metaverse token is looking for a key support level to restart bullish. Despite the latest price twerk, the future still looks promising for this asset from a long-term perspective. 

Looking at the latest price reduction, Ape may advance selling to the $1.88 support. A dip below this support level could send the price to a low of $1.59. Subsequent support stands at $1.3. 

For now, the $2.2 level is held as resistance. A push above this level could pave the way for more increases to $2.53 and the rejected $2.68 level. The next target to watch is $2.8 and $3.

Key Resistance Levels: $2.2, $2.53, $2.8

Key Support Levels: $1.88, $1.59, $1.3

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: aleksandrasova/123RF // Image Effects by Colorcinch

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