Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The higher timeframe structure flipped to bearish as $5.35 poses stern opposition With the APE supply high, another wave of selling seemed imminent ApeCoin [APE] did not have a great start to September. A week […]
Price Prediction for ApeCoin [APE]The aforementioned prediction notes $5.38 as the highest APE can go in the next three months. This tied in quite well with the resistance of the past few weeks. Could ApeCoin descend toward $4 and stay there for what remains of 2022?The price had made higher highs and higher lows in September, but this was not sustained for a significant amount of time. The rejection at $6 was followed by the previous lows getting overrun by the bearish assault.
This meant the structure on the one-day timeframe flipped to bearish once again. Moreover the $5.28 key level has been a stiff resistance level and offered multiple selling opportunities for scalp traders. Furthermore, technical indicators also showed a neutral to bearish bias for APE. The Relative Strength Index flipped neutral 50 to resistance in recent weeks, but has not dropped below 45 for a significant amount of time. Hence, while momentum has leant bearish, it was weak in the past two weeks. The On-Balance Volume was flat and did not form a lower low. The Chaikin Money Flow stood below -0.05 in recent days to highlight significant capital flow out of the market.
To the south, $4.6 and $4.2 can serve as support. Until the price can close a daily session above $5.42, the higher timeframe bias would be bearish.The social volume metric has been fairly steady in September and October. There was a large spike in late September, but this only saw APE climb from $5.3 to $5.5. A more worrying metric for the bulls was the supply on exchanges of APE.
This metric was in a downtrend for a good part of August. Yet, September and October saw this metric advance higher. This suggested that short-term selling pressure witnessed a rise in recent weeks. Correspondingly, the price also took a turn southward after the rejection at $6.Subscribe to get it daily in your inbox.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As Polygon’s ZK stands a day away, MATIC traders have reason to take it easyThe much-awaited Polygon [MATIC] ZK launch is one day away. Amid the buzz around the launch, several interesting developments made their way to the Polygon ecosystem. These updates managed to positively affect the price of MATIC as the altcoin registered a promising uptick. DRUMROLL – ONE DAY TO GO…🥁 pic.twitter.com/VWpk7Vr4pz — Polygon – MATIC 💜 […]
Read more »
Taiwan leader tells China war 'absolutely not an option'China's threats of military action against Taiwan are 'absolutely not an option' and will 'only push our two sides further from each other,' Taiwanese President Tsai Ing-wen said Monday.
Read more »
Federal immigration committee to discuss allegations department misled a judgeOTTAWA — The House of Commons committee on immigration has called an urgent meeting next week to discuss allegations that the department and former minister…
Read more »
Federal immigration committee to investigate allegations department misled a judgeOTTAWA — The House of Commons committee on immigration has called an urgent meeting next week to discuss allegations that the department and former minister…
Read more »