Recently, the Apecoin (APE) price movement has revealed that the present negative trend and drop in the APE price is a hint of market instability.
The present price decrease is consistent and will most likely last longer than anticipated. To arrest the negative trend, bulls must maintain the $4.50 resistance level.
As Apecoin (APE) price fall, it is evident that the bulls are losing ground to the bears. Bears have effectively brought down the price. This explains the steep drop in the price of Apecoin (APE) since its high.
APE’s Market Performance
After touching the new high earlier this week APE is one more showing downward movement that is a clear indication that APE is being bested by the bears.
Experts have already said that the coin can experience a long bearish run as it has already touched its peak.
However, despite the current decline in the price Apecoin has the potential to price gain for a shorter period of time as it has the potential to reach the $4.50 mark if the double top is being held.
The Price Analysis of Apecoin
Apecoin falls into the category of Altcoin. The price pattern of APE shows a declining trend on Wednesday, 7 December.
Apecoin, in particular, has established a double-topping shape around its weekly highs of $0.41882. At present levels of roughly $3.97, it looks to be challenging the bottom of this pattern.
However, if somehow the bulls managed to get out of the reach of bears another price hike can be seen at around $4.50. But this might be only for a shorter span of time.
Apecoin has the potential to follow a similar pattern that coin did when this week started. However, if the coin failed to do that, then a further plunge in the price can be seen.
It is important to mention that cryptocurrency analysts are convinced that the current volatile nature of the crypto market will not become stable till the mid of the financial year 2023.
Apecoin’s Price Today
Bears were successful in bringing the price down, as the market today was back in the red zone there was increased selling pressure on the investors as Apecoin was being traded at $3.97 at the press time.
The daily trade volume of Apecoin today was $170,292,047.07. Apart from that the current fall from that the current fall from the weekly high of $3.97, shows that there was a decline of $0.41882.
This decline has one more intensified the selling pressure on traders. This strong selling pressure on Apecoin has helped the bears to overthrow bulls out of their stronghold.
According to Coin Edition’s analysis, a relatively higher number of traders have sold Apecoin in order to stay clear of further loss in case the price of Apecoin further falls.
A detailed look at the market performance of Apecoin shows that Apecoin previously managed to cross the predicted resistance levels on several occasions.
But this time market dynamics are changed as volatility in the market is so intense that even the likes of Bitcoin and Ethereum are unable to retain their prices for too long.
Under the given circumstances, if Apecoin failed to surge up to the $4.50 level of resistance the long-term weakness of the Apecoin is evident.
Investors need to understand that as of now the overall analysis of Apecoin’s market performance indicates that Apecoin is heading in a downward direction for the short term, with the potential to bounce back sooner than experts think.
But if the surge in the price is delayed for too long then Apecoin is on its way to long-term weakness and price instability.
Apecoin is not the only crypto coin coping against market bears. On Wednesday, Dec 7 200, the top 10 cryptocurrencies have seen a decline in their prices. This means that bears have once more managed to capture the market.