Apecoin Price Analysis: Bearish RSI Divergence Hints Trend Reversal
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The Apecoin price analysis hints at the price reversal in the offering. The price opened higher but could not sustain the gains and retrace lower. A long wick day’s red candlestick indicates the presence of the seller near the higher levels. As of writing, APE/USD is reading at $6.63, down 4.33% for the day.
- APE price turns negative following massive gains of 27% in two days.
- The bulls are facing rejection near the $7.19 level indicating weakness at a higher level.
- Negative divergence on the RSI signals more rounds of selling in the coin.
APE could move further lower
On the daily time frame, the Apecoin price analysis indicates a probable price correction, a healthy 0ne!
Currently, the price found support near the 0.23% Fibonacci retracement level that extends from the lows of $4.19. However, there is a higher chance of breaking the support and diving lower.
Firstly, the formation of a ‘Doji’ candlestick in the previous session, followed by a red candlestick. The formation is confirmation of a selling bias following an indecisive trading session.
Secondly, the bearish RSI divergence since July 19, pointing at a deeper correction toward the 0.38% Fibonacci retracement level placed at $6.02.
On the contrary, a move towards $6.85 would make bulls hopeful to retest $7.19.
4-hour chart hints down move
On the four-hour time frame, the Price is making higher highs and higher lows, indicating bullishness. But the structure on the higher side is now getting weak, making a double top. As a consequence, the distribution started at the crucial supply zone at around $7.19.
RSI as well as MACD is showing weakness in the four-hour time frame, indicating signs of reversal.
The market cap is above $ 2 billion, down 4.3% over the past 24 hours from CoinMarketCap data. During the price correction, trading volume continued to decline, suggesting less volatile and deep selling.