This week, Apecoin remained indecisive with no signs of major movements since the start of the week. Today, it showed strength and tapped 8% gains. However, the trend is still on a downward slope.

During last week’s mini-recovery, Ape also joined other altcoins in the bounce to a week high but later paused and failed to push higher. It remained stuck and ended that week in a neutral mode.

The price suddenly increased today after staying flat for five days. This significant surge indicates an enhanced volatility, likely to sustain the recovery for a while.

If the volatility drops, the price may fall back to $1.4, where it resurged. Currently, it shows no sign of dropping. An increase above the $1.6 level could bring the bulls back into the market. A continuous surge could validate a shift in the trend.

However, a drop from the current trading level may result in another leg down of the existing bearish trajectory, which is still intact on the daily chart.

While Ape remains in a downward range, it is currently showing signs of strength on the daily chart following the latest surge in volatility. So far, the price is up by more than 15% in a week despite the latest bleeding amongst altcoins.

APE’s Key Levels To Watch

Source: Tradingview

Ape is currently gaining traction. The closest resistance level lies at $1.59. A push above this level could propel buying to $1.76. The $1.88 level is the last defense level for the bears. If it breaks, $2 would be the next key resistance level to watch.

If the price falls back, there’s a minor support level at $1.4. Below these supports lie the $1.31 and $1.23 levels. Further drop from there could send the price back to $1.15, near the bottom.

Key Resistance Levels: $1.59, $1.76, $1.88

Key Support Levels: $1.31, $1.23, $1.15

Spot Price: $1.5
Trend: Bullish
Volatility: High

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

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

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Filed under: Bitcoin - @ February 3, 2024 5:22 pm