- Bears have gained pricing power as APE prices fall.
- To combat the current trend, bulls must uphold their grip on the resistance level.
- The present value of APE has fallen 2.13% to $2.90.
Bullish momentum has faded away in recent hours as bears swooped in to challenge bull dominance, pulling prices down 2.13% to $2.90.
The drop in market capitalization and 24-hour trading volume of 3.34% to $891,203,682 and 11.35% to $106,444,033 are telltale signs of the impending recession.
APE/USD 24-hour price chart (Source: CoinMarketCap)
Keltner channels are contracting on the one-hour price chart, indicating a decrease in market volatility, with the upper band touching 3.015 and the lower band touching 2.846. Price perturbations towards the lower Keltner band-aid this declining trend.
A bear oversight is projected to be on the frontlines as the Chaikin Money Flow (CMF) shifts into negative territory with a reading of -0.07 on the APE charts.
The Coppock curve, with a reading of -3.735, also trends in the negative region and speculates even farther bear run as it points southwards on the 1-hour price chart.
APE/USD 1-hour price chart (Source: Trading View)
On the 1-hour price chart, Bollinger Bands are moving monotonously, with the upper band touching 3.012 and the lower band touching 2.874, stating that the dovish trend will continue. The price movement approaching the lower band is propping up this bear impetus.
The Bull Bear Power (BBP) reading of -0.039 also supports the present slump in the APE market, as a move in the negative region by the BBP line implies bear control, but since it is pointing upwards, a bullish reversal may be seen in the near term.
In the APE Coin price chart, the Stoch RSI reading of 28.55 is approaching the oversold region, inferring that the bear control is not yet final and that bulls must jump in to invalidate this trend.
APE/USD 1-hour price chart (Source: CoinMarketCap)
To flout the bears and turn the current trend around, the bulls must hold the resistance level and drive prices higher.
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