Matrix

Rise

Gains

The post <a href="https://coinpedia.org/price-analysis/will-apecoin-price-hold-its-recent-gains-as-on-chain-matrix-turns-bearish/">Will Apecoin Price Hold Its Recent Gains As On-Chain Matrix Turns Bearish?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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 <a href="https://coinpedia.org/price-prediction/ape-apecoin-price-prediction/">APE price</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/ti8D0bO5s8PzIvGSgegxQWscki64fIciMRaF9f18PNSFqXpR8CopqbPCt8ope586VWbY30CQE_n937FW0HC6AthayN7GuOWN_hh5jE8JfxV1Hm5K0v_xI-79N6qzg_lBj77YMbddcMVap_ibxlfJg2Oem79m6E6plaGPPs2071Q8XRQyivdNW2RymIkzgA" alt="Apecoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: APE/USDT
 </figcaption>
</figure> 
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. 
<h2 class="wp-block-heading" id="h-will-ape-price-rise-again">Will APE Price Rise Again?</h2> 
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.

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

Table of Contents

CoinPedia News

Other articles published on Nov 21, 2023

Chainlink Rises Steadily Amidst Collaborative Ventures

Former SEC Official Says Changpeng Zhao is Going to Jail, Binance and CZ’s Guilty Plea “Was Expec...

Crypto: The weekly Roundup of Essential News

Bitcoin Puell Multiple Nears 2023 Highs: Why This Could Signal A Top

Best Crypto Exchanges in Hong Kong

PEPE rises in popularity; here's what caused it

Join our free newsletter for daily crypto updates!