ApeCoin (APE) made significant price movements last week. Despite making a strong upward move from the support level of $1.1, it lost its gains within three days. Its recent decline came after the reversal of Bitcoin (BTC) from the $28,500 level.
Will ApeCoin Price Fall?
As of the time of writing, ApeCoin had two different chart trends indicating a downward movement. The four-hour price chart and the daily price chart seemed to reflect a bearish sentiment for investors. Possible price movements in ApeCoin could provide insights to investors. A price movement above the $1.37 level could have taken the price to a completely different point, but the rejection at the $1.3 level prevented this from happening.
The downward movement in On-Balance Volume (OBV) also supported the decline in APE prices. This indicated strong selling pressure specifically for the coin, as investors focused on taking profits rather than acting ambitiously after the latest price movement on Monday. Investors who did this seemed to have limited their losses.
The Relative Strength Index (RSI) was below the neutral level of 50. The drop in APE from $1.3 to $1.09 was used to indicate the Fibonacci correction level (shown in light yellow). This seems to indicate a price range between $1.2 and $1.26. This area is highlighted as a region where APE owners who sold at a loss may want to enter the market with the expectation of downward Fibonacci extension levels.
Will ApeCoin Price Rise?
On October 2, when price increases were seen throughout the market, ApeCoin reached $1.3. On the same date, Open Interest (OI) was at $68.15 million. Since then, OI has dropped to $54 million. Considering short-term trades, it can be said that bulls making profits could be one of the factors triggering the decrease in OI.
The downward trend in Spot Cumulative Volume Delta (CVD) has been evident since September. This raises suspicions that the upward movement may have been artificially induced. In this state of uncertainty, bulls may continue to be cautious in returning to long positions until any changes occur.
