ApeCoin is down 50% in Q2: When will it end?
APE’s further downside likely if the lack of demand and increasing selling pressure persists unless BTC …
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
• Key technical indicators on the daily chart were negative.
• Supply on exchanges surged, highlighting sellers’ leverage.
ApeCoin [APE] could close Q2 2023 in the red if the negative price charts indicators and on-chain metrics persist. The token has depreciated since late January, dropping from its peak of $6.42 and cracking key support levels.
Bitcoin [BTC] has maintained the $26k price zone since 16 June. BTC’s cues could hold APE’s further drop for a while; a slip below $26k could expose APE to more selling pressure.
Based on the price range tool, APE has declined by over 55%, measured from its swing highs in mid-April of around $4.5 and $2.02 at the time of writing. Besides, the trendline resistance (cyan) has been a critical roadblock against any likely upside move.
In addition, the RSI (Relative Strength Index) has been making lower highs since late January, denoting a considerable drop in buying pressure. The demand for APE dipped, too, as shown by the declining OBV (On Balance Volume).
The above negative indicators reinforced sellers’ control and a likelihood of driving APE below $2.0. A drop to $1.0, the initial opening price for APE on Binance exchange, could be on the cards.
Read More: https://ambcrypto.com/apecoin-sheds-50-in-q2-is-there-an-end-in-sight/
APE’s further downside likely if the lack of demand and increasing selling pressure persists unless BTC …
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
• Key technical indicators on the daily chart were negative.
• Supply on exchanges surged, highlighting sellers’ leverage.
ApeCoin [APE] could close Q2 2023 in the red if the negative price charts indicators and on-chain metrics persist. The token has depreciated since late January, dropping from its peak of $6.42 and cracking key support levels.
Bitcoin [BTC] has maintained the $26k price zone since 16 June. BTC’s cues could hold APE’s further drop for a while; a slip below $26k could expose APE to more selling pressure.
Based on the price range tool, APE has declined by over 55%, measured from its swing highs in mid-April of around $4.5 and $2.02 at the time of writing. Besides, the trendline resistance (cyan) has been a critical roadblock against any likely upside move.
In addition, the RSI (Relative Strength Index) has been making lower highs since late January, denoting a considerable drop in buying pressure. The demand for APE dipped, too, as shown by the declining OBV (On Balance Volume).
The above negative indicators reinforced sellers’ control and a likelihood of driving APE below $2.0. A drop to $1.0, the initial opening price for APE on Binance exchange, could be on the cards.
Read More: https://ambcrypto.com/apecoin-sheds-50-in-q2-is-there-an-end-in-sight/
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