Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.experienced a bearish August. It reached a swing high of $7.8 in the first week of the month but has been unable to flip the $7.5 level to support. The bulls were left disappointed after APE took a turn to the south.does not see some bullish respite, the pain could continue for APE investors.
In this case, the trend was bearish, so a move downward appeared more likely. However, a session close above $4.8 would invalidate the bearish notion. The Relative Strength Index has been unable to break past the neutral 50 mark on the four-hour chart, while the A/D indicator remained flat in the past couple of days. Therefore, the momentum was neutral and slightly bearish.
Market participants appear to straddle the fence and await a strong move for APE. The volume bars at the bottom of the chart have also declined, which meant many participants were sidelined.The descending triangle pattern presented a target of $4.4 for APE. Moreover, the $4.4-$4.35 area has been an area of support back in July. Hence, a breakdown beneath $4.67 could drop to find support in this zone.
A set of Fibonacci retracement lines were drawn for APE. It was based on the swing high and swing low at $5.6 and $4.59. The 23.6% extension level lay at $4.35 and offered a confluence of support to the price at the $4.4 belt.The formation of the descending triangle pattern combined with the downtrend of ApeCoin in recent weeks suggested that a 5% drop could materialize soon. An H4 session close beneath $4.67 can be used to enter a short position targeting $4.4. A stop-loss can be set in the $4.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »