- APE witnessed a pessimistic patterned break amidst escalated selling pressure within the past few days.
- ApeCoin’s funding rate turned negative on FTX and Binance.
ApeCoin witnessed consistent declines within the past seven months. The alternative token resorted to downward tendencies after hitting its ATH levels during April 2022 final sessions. Meanwhile, this plunge comprised a trend-line resistance on the 24-hour chart.
The latest bearish patterned break triggered a red candlestick spree. Meanwhile, the price headed toward the nearest support level at around $4.2. The token’s short-term trajectory favored sellers as the price plunged beneath the Exponential Moving Averaged. While publishing this article, APE changed hands near $4.338, plummeting by 7.4% within the past day.
Can Buyer Prevent Bearish Pattern Breakdown?
June 15 sessions saw APE gravitating towards all-time lows, following a massive plunge of more than 88% from the ATH price levels. ApeCoin strived to erase the bearish case since then, while the 7-month trend-line resistance limited the buying efforts.
The latest revival efforts initiated a bearish flag on APE’s daily chart. The trend-line resistance triggered reversals that ultimately catalyzed a breakdown. as the 20 and 50 Exponential Moving Averages exhibited northbound tendencies again, bears might dominate short-term trends.
Also read:Meanwhile, APE formed a descending triangle pattern on the daily timeframe as bears printed lower highs on flat lows within the previous few weeks. A possible rebound from the baseline at $4.2 might welcome immediate pullbacks.
Such scenarios might see the trend-line resistance restricting the bullish revival around the $4.8 – $4.9 value area. A closing beneath $4.7 might expose APE to more declines. That would see sellers looking to catalyze further plummets toward $3.6 – $3.9.
The RSI (Relative Strength Index) dropped beneath the equilibrium, depicting increased bearish superiority. Moreover, the OBV (on balance volume) lower highs confirmed bearish divergences with ApeCoin’s price action.
A Decline in Funding in All Exchanges
Analyzing ApeCoin’s funding rates confirmed a briefly faded sentiment within the futures market. Its funding rate remained negative on FTX and Binance and affirmed a minor seller’s edge. Buyers should check a possible upswing in this sector before executing calls. That can help in identifying possible bearish invalidations.
Editorial credit: David Esser / shutterstock.com
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