ApeCoin price visit to all-time high is contingent on sustaining above these key levels
- ApeCoin price is hovering above $12.41 and $12.97 support levels after recent rejection at $14.44.
- A resurgence of buyers is required for shattering the $14.44 hurdle and retesting the all-time high at $17.46.
- A decisive close below $12.41 could trigger a crash to $11.31 or lower.
ApeCoin price is stuck establishing a new directional bias after its failure to move higher. The rejection has pushed it to a crucial area, where bulls and bears will hash it out.
ApeCoin price needs to settle
ApeCoin price hit a dead end after retesting the $14.44 resistance barrier which is overlapping with a one-hour supply zone, extending from $14.23 to $15.95. This confluence was too much for bulls to break through and led to an 11% correction to the $12.97 support level, where APE currently trades.
The $12.97 and $12.41 are two support barriers that are vital in determining the directional bias for ApeCoin price. A bounce off either of these footholds will trigger another run-up to $14.44, and clearing this ceiling will open the path for APE to reach its all-time high at $17.46.
While optimistic, the bullish outlook is contingent on ApeCoin price holding above the $12.41 support level. Failing to do so could trigger a steep correction.
APE/USDT 1-hour chart
On the other hand, if ApeCoin price pierces through the $12.41 and $12.97 support levels, it will indicate that investors are booking profits and that bulls are losing steam. In this case, APE will retrace to the $11.311 support level.
Here, bulls have another opportunity to make a comeback, but losing this support level could catalyze a 15% crash in ApeCoin price to $9.64.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
