Will Apecoin Price Hold Its Recent Gains As On-Chain Matrix Turns Bearish?

The crypto market has displayed minor price action, with a gain of less than 1% within the past day. Top coins continue to trade sideways following the recent price jump. On the other hand, Apecoin has secured a spot in the top gainers list with a gain of over 8% in value within the past day.

The price of Apecoin gained significant momentum during today’s early trading hours, resulting in this pump. Further, the on-chain matrix raises an alert over the price gains of APE tokens as the market sentiments indicate a bearish move.

Since the start of the month, the APE price has been highly volatile. Following the price pump, it successfully broke through the important resistance level at $1.373 but was rejected at $1.511. After this, the price traded in a consolidated range between $1.373 and $1.511 for two weeks.

Apecoin then witnessed massive selling pressure, breaking the price down from its important support level of $1.373. After hovering close to the resistance/support level, the bulls regained power, and the price experienced a significant jump in value.

The price was again rejected at the key resistance level of $1.511, indicating bear power within the market. Following this, the price displayed a minor correction in value.

The Relative Strength Index (RSI) displayed a significant increase in the chart, indicating strong buying and selling pressure in the market. Further, the average shows a decline, suggesting a decline in the coin’s bull power.

Will APE Price Rise Again?

If the bulls push the price above the resistance level of $1.511, the APE price will regain momentum and run to test its upper resistance level of $1.579. Maintaining the price at that level will set the Apecoin price to make an attempt to test its important resistance level of $1.650 in the coming week.

Conversely, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum and fall to test its support level of $1.435. If the market fails to hold the price at that level, it will prepare to test its lower support level of $1.373 soon.

Moreover, if the bears continue to dominate the market, they will continue trading under the bearish influence and test its crucial support level of $1.260 in the coming time.