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.
Read ApeCoin [APE] Price Prediction 2023-24
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.
Over 50% value drop – What’s next?
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.
However, bulls could be hopeful if BTC crosses $27k. But they must clear the trendline resi
Go to Source to See Full Article
Author: Suzuki Shillsalot
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
