The 10.14% gain in the APE/USDT pair appears to have staved off bearish Apecoin price predictions, even if just momentarily. However, the upside has stalled at the 7.0036 psychological resistance mark, allowing the bulls to take a respite. The uptick on the day extends the gains in the APE/USDT pair into the third day.
The latest moves follow the end of the measured move from the descending triangle, resulting in a bounce from the 6.0221 support level. With the crypto market showing some improvement this Monday, bearish Apecoin price predictions would be seeking new resistance points at which new short entries can be made.
There are speculations that Apecoin may be moved from the Ethereum blockchain. Avalanche has been named as a potential candidate for a new host. A tweet by Avalanche founder Emin Gün Sirer seems to have triggered this speculation.
The said tweet pushed Avalanche as a better blockchain for Apecoin and the Otherside project. Aside this, there is very little happening on the fundamental side of things, as the overall market sentiment remains the domineering factor dictating price movements.
Last week was a bearish week in the crypto market, with Apecoin falling nearly 22%. Overall, the token has lost more than 75% of its listing day value. Unless the bulls surmount some of the resistance barriers that now appear on the horizon, the bearish Apecoin price predictions may persist.
The formation of a pinbar at the 7.0036 resistance (24 May low and 26 May high), followed by the bearish 4-hour candle makes a case for a bearish return to the 6.4031 price mark (27/28 May highs). A further decline targets 6.0211 (29 May 2022 low), leaving the 5.6659 support as the alternative target for aggressive bears.
On the flip side, a break of the 7.0036 resistance allows for an advance toward 7.5589 (20 May low and 25 May high). If the bulls uncap this resistance, the 8.3318 price level comes in the mix. Additional price targets to the north are seen at the 9.000 psychological resistance and the 9.4520 price barrier.
This post was last modified on May 31, 2022, 10:30 BST 10:30