Is ApeCoin Going to Zero? APE Price Falls by Almost 20% and AI Crypto Signals Platform Launchpad Can Find The Next Crypto to Explode
ApeCoin (APE) suffered a punishing reversal this past week, with the cryptocurrency plummeting nearly 20% to hover precariously below its immediate support zone.
This sharp selloff comes amidst a spike in trading volumes, leaving APE vulnerable to further declines as traders weigh whether bears or bulls will prevail next.
After rallying to a local high of $1.288 on October 2, APE faced firm rejection at the key reverse Fib retracement level of 0.786 at $1.288. This rejection catalyzed the start of the ongoing selloff, with APE now trading down near the swing low support zone of $1.033 to $1.107.
With the APE price down 4.96% so far today to $1.034, bulls are battling to defend support. However, the robust 54.14% surge in 24-hour trading volumes to $33.2 million suggests sellers remain in control.
The daily Relative Strength Index (RSI) on APE now stands at 32.06, sharply down from yesterday's 36.97 reading. This shows rapidly deteriorating momentum and nears oversold territory below 30.
Additionally, the MACD histogram produced a bearish crossover today at -0.001. This highlights building downside momentum that could place further pressure on the APE price.
To the upside, the first target for APE bulls is the 20-EMA currently near $1.143. Beyond this, the 50-EMA at $1.294 and the Fib level of 0.786 at $1.288 represent the next layer of significant resistance.
To the downside, losing the swing low support at $1.033 exposes APE to further declines. The next notable support zones come into play around the psychological $1.00 level and the extended reverse Fib 1.236 level at $0.807.
After facing rejection at a key Fib level, the ApeCoin price continues bleeding lower while defending crucial support. With oversold technical readings
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