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ApeCoin lost the battle at $4.2 resistance
Cryptocurrencies are being hit by weak crypto sentiment in general
APE Could Fall To $3 As Bearish Pressure Increases
ApeCoin (APE/USD) traded at $3.5 as it came under bearish pressure from the $4.2 resistance. Buyers have been holding the resistance at $4.2 for some time, hoping for a possible breakout and the start of a bull market. The ape now seems defeated as cryptocurrency could drop to his $3.
ApeCoin’s recent strengths are staking Featured earlier this month. Despite seeing a lot of success, users of staking services have been warned of numerous phishing attacks. Her Horizen Lab, developer of the staking feature, instructs users to use official links only. ApeStake.io, for service.
Nevertheless, given the price outlook, APE seems to be hit by overall crypto sentiment. This decline comes despite Apecoin-linked NFTs continuing to record top sales volumes. The technical outlook shows that APE is still trapped in the descending channel.
APE has started a bearish MACD crossover on the daily chart. The indicator has shifted into negative territory after the recent price drop.
The cryptocurrency is currently breaking below the $4.2 resistance after the bears ruled. APE prices are now back in the descending channel. The price stabilizes at $3.5, but the established support is at $3.0.
If the bulls do not dominate the APE at $3.5, the cryptocurrency could hit $3.0 on the next drop. ape price It needs to overcome the resistance at $4.2 and the descending channel to turn bullish.
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