Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ApeCoin halted extended losses with a 15% bounce off the $1 price level.
- However, the rise in supply on exchanges could trigger another selling wave.
ApeCoin’s [APE] bearish downtrend bottomed out after bulls found support at $1. This came after a period of sideways price action in September.
Read ApeCoin’s [APE] Price Prediction 2023-2024
The 15% bounce off the $1 support level saw ApeCoin trading at $1.25, as of press time. It remains to be seen if buyers can mount a sustained reversal due to the heavily bearish market structure of APE.
Can APE reverse losses?
A steep decline in NFT interest along with market conditions saw APE’s price plunge from $6.4 to $1 in 2023 alone. However, its recent price action suggested an opportunity for bulls to reverse the losses.
The influx of strong buying pressure at the $1 price zone saw the Relative Strength Index (RSI) move from the lower range to the upper range. The RSI briefly touched the overbought zone before a slight pullback.
Along with the RSI, the On Balance Volume (OBV) surged from less than a million to 32 million within the past five days. This signified a massive increase in transaction volume, with bulls roaring back to life.
As such, buyers can target gains at $1.4 to $1.6. However, sustained bullish momentum for ApeCoin will require flipping the $1.7 resistance to support.
Is this a short pullback before another price dip?
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Author: Suzuki Shillsalot
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