Apes give up as ApeCoin now stares at a possible drop below $3

2022-12-21 00:03

ApeCoin has lost the battle at the resistance of $4.2

The cryptocurrency has been hit by the general weak crypto sentiment

APE could drop to $3 if the bear pressure mounts

ApeCoin (APE/USD) traded at $3.5 as the cryptocurrency came under bear pressure from the $4.2 resistance. Buyers have been defending the $4.2 resistance for some time, giving hopes of a potential breakout and the start of a bull market. Apes seem to have now been defeated as the cryptocurrency looks at a possible decline to $3.

Recent strengths in ApeCoin coincided with the launch of the staking feature earlier this month. Despite witnessing a lot of success, the users of the staking service have been warned of numerous phishing attacks. Horizen Lab, the developer of the staking feature, has told users to only use the official link, ApeStake.io, for the service.

Nonetheless, from the price outlook, APE seems to be getting hit by the overall crypto sentiment. The decline comes despite Ape-coin-linked NFTs continuing to record leading sales volumes. A technical outlook shows APE still trapped in a descending channel.

APE slides from $4.2 resistance as weakness develop

APE/USD Chart by TradingView

APE initiated a bearish MACD crossover on the daily chart. The indicator has shifted to the negative territory after the latest price decline. 

The cryptocurrency now trades below $4.2 resistance after bears took control. APE price has now crashed back to the descending channel. The price is gaining stability at $3.5, but the established support lies at $3.0.

Concluding thoughts 

If bulls do not take control of APE at $3.5, the next decline could take the cryptocurrency to $3.0. APE price must overcome resistance at $4.2 and the descending channel to become bullish.

Where to buy APE 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy APE with eToro today Disclaimer

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

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The post Apes give up as ApeCoin now stares at a possible drop below $3 appeared first on CoinJournal.

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APEcoin (APE) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.75
Капитализация $0 Rank 99999
Цена в час новости $ 0.2658 (-100%)

apecoin ape drop sentiment traded crypto weak

Источник: coinjournal.net

apecoin ape → Результатов: 126


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