APE’s momentum slows down and a pullback looked likely — but what can follow?
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- The momentum on the 12-hour and the each day timeframe was bullish however the decrease timeframe momentum started to shift
- A pullback to an space of curiosity generally is a shopping for alternative however will probably be dangerous
Bitcoin has climbed previous the $17k mark in current days and traded at $17.4k on the time of writing. It confronted intense resistance close to the $17.6k and $17.8k marks. A drop for the king of crypto will seemingly drag the remainder of the market down as nicely.
Learn ApeCoin’s Worth Prediction 2023-24
ApeCoin additionally traded inside the next timeframe zone of resistance. A pullback was seemingly for APE, however this might be adopted by a northward transfer. Will Bitcoin’s rejection, if it happens, break this setup for ApeCoin? Or can merchants look forward to a bullish breakout over the following few days?
APE posts a bearish divergence on the 4-hour chart because it bounds right into a resistance zone
On the each day timeframe, the purple field marked a bearish order block that ApeCoin registered on 5 November. This transfer upward to $5.25 was adopted by a pointy drop to the $2.82 degree only a few days later.
The extreme response at this zone of resistance marked it as a spot the place an identical response might happen as soon as extra. A rejection remained seemingly, and solely a each day session shut above $5.25 might flip this bias.
What number of APEs can you purchase for $1?
On the four-hour chart, the RSI was receding whilst the value climbed higher- a bearish divergence. Therefore the bullish momentum was visibly slowing, even because the OBV climbed increased to point regular shopping for stress.
A rejection on the order block might see a pullback to the bullish breaker on the $4.4 zone. The $4.26-$4.37 space additionally has an inefficiency on the chart, highlighted in white. A push beneath this inefficiency to $4.14 was a chance earlier than a leap upward.
Imply coin age confirmed some accumulation however revenue taking was additionally a chance
The weighted sentiment was close to impartial, and had pushed strongly constructive proper after Christmas. At the moment a bullish worth motion didn’t observe. Previously week, the 30-day MVRV ascended steeply and breached the highs from late November. The inference was that holders can look to promote and take earnings.
Mixed with the value motion, this added to the proof behind the thought of a pullback.