• Apecoin [APE] retraced to a critical range low, but a solid rebound was elusive due to market uncertainty.
• Key price levels were identified with the help of Fibonacci retracement tool (yellow) between recent high and low.
• Indicators such as Relative Strength Index (RSI) and Chaikin Money Flow (CMF) showed bearish bias prevailing on the derivatives side.
Apecoin Price Retests Range Lows
Apecoin [APE] recently hit a crucial range-low which could set a potential price reversal. However, overall market uncertainty is pushing APE to the opposite direction, making it difficult for bulls to prevail.
Descending Channel in Q3
Since June, APE’s price action has been forming a descending channel, making range extremes and mid-range key price levels that need to be considered by market participants when trading.
Key Price Levels
To identify these key price levels, we plotted a Fibonacci retracement tool (yellow) between recent high and low. If BTC rebounds from the $24.8k – $26k zone, APE could also bounce from the range lows near $1.5 with mid-range ($1.77) and the range-high (near $2) being vital resistance points if there is an attempt at recovery. For bearish breakouts, crucial levels are at $1.345 and $1.16 according to the Fib tool used here.
Indicators Show Bearish Bias Prevailing
The Relative Strength Index (RSI) was forced back into oversold territory while Chaikin Money Flow (CMF) struggled to cross above zero mark over the same period both indicating selling pressure prevailing in recent days. Liquidations of long positions were recorded across all timeframes as per Coinglass data further reinforcing bearish bias on derivatives side with trading volume dropping by 60% and Open Interest rates declining by 4%.
In conclusion, Apecoin [APE] retested its range lows but without any solid rebound due to market uncertainty combined with indicators showing bearish bias prevailing on derivatives side which could further delay expected recovery should bulls prevail