- Escalated selling pressure over the past few days saw APE witnessing a patterned bearish break.
- The crypto saw slight improvements in MVRV and network growth.
ApeCoin had its downward snowballing after the alternative token touched its all-time high zone in April 2022. That saw the alt denying buyers an opportunity to welcome trend-shifting rallies for more than seven months. The latest bearish setup breakout triggered red candlesticks spree.
Meanwhile, the price action hovered at the closest support around the $2.8 territory. While the price dipped beneath the Exponential Moving Averages, the short-term momentum changed to favor sellers. While publishing this content, APE changed hands near $2.97, gaining 1.94% within the past day.
Can Buyers Avoid Bearish Pattern Breakdown?
The significant plunge that saw APE losing more than 89% since hitting its ATH saw the alt gravitating toward $4.2. That saw buyers striving to shift the bearish bias. Nevertheless, the 7-month trend-line resistance restricted all efforts by the buyers.
The trend-line resistance triggered a reversal, forming a descending triangle on its 24hr chart. Meanwhile, multiple lower peaks catalyzed a breakdown that dragged APE to its record lows on November 14.
Bears might look to dominate short-term trends as the 20 and the 50 Exponential Moving Averages look southward again. Meanwhile, a possible bounce back from the baseline at $2.8 might welcome immediate comebacks.
That might see the 20 Exponential Moving Average restricting bullish revivals in $3.9 – $4.2. A closing beneath $2.8 might catalyze further downside for the alt. such cases might see APE in a price discovery mode.
The RSI (Relative Strength Index) plunged to sway within the bearish territory near the oversold region. Nevertheless, the CMF’s (Chaikin Money Flow) higher troughs confirmed a minor bullish divergence with APE’s price.
Can Buyers Rebound?
Analyzing Santiment’s data confirmed massive surges in ApeCoin’s network growth within the past few days. Meanwhile, prices remained sensitive to the metric, but the broad market cues have restricted the buying moves.
Moreover, the 30d MVRM saw a minor growth, though negative, during this publication. Lastly, traders/investors should assess on-chain developments and overall market conditions to make profitable decisions.
