APE's further downside likely if the lack of demand and increasing selling pressure persists unless BTC ...
has maintained the $26k price zone since 16 June. BTC’s cues could hold APE’s further drop for a while; a slip below $26k could expose APE to more selling pressure.Based on the price range tool, APE has declined by over 55%, measured from its swing highs in mid-April of around $4.5 and $2.02 at the time of writing. Besides, the trendline resistance has been a critical roadblock against any likely upside move.
In addition, the RSI has been making lower highs since late January, denoting a considerable drop in buying pressure. The demand for APE dipped, too, as shown by the declining OBV . The above negative indicators reinforced sellers’ control and a likelihood of driving APE below $2.0. A drop to $1.0, the initial opening price for APE on Binance exchange, could be on the cards.
However, bulls could be hopeful if BTC crosses $27k. But they must clear the trendline resistance at $3, which aligns with the 38.2% Fib level and a key swing low in October 2022.
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