ApeCoin (APE) Rebounds At Previous All-Time High Resistance: Multi-Coin Analysis

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In Brief
  • BTC and ETH are trading inside bullish patterns.

  • ALGO, 1INCH and IOTA have broken down from horizontal support levels.

  • XRP has bounced at its yearly lows.

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Be[in]Crypto takes a look at the price movement for seven different cryptocurrencies, including ApeCoin (APE), which is scrambling for support after a 45% drop since its all-time high.

BTC

BTC has been falling since reaching a high of $48,189 on March 28. The downward movement continued until a low of $37,386 was reached on May 1. The ensuing bounce validated the $37,800 horizontal area as support.

Additionally, the price has been decreasing underneath a descending wedge since April 19. The descending wedge is considered a bullish pattern, meaning that breaking from it would be the most likely scenario. 

If one occurs, the closest resistance area would be at $42,800. This is the 0.5 Fib retracement resistance level and the top of the wedge.

ETH

ETH has been decreasing since April 3. The decrease was initially swift, but ETH has been decreasing much more gradually since April 11, trading inside a descending parallel channel. 

The channel is considered a corrective pattern, meaning that a breakout from it would be the most likely scenario.

On April 30 (green icon), ETH bounced at the $2,750 horizontal support area and the support line of the channel. It is currently attempting to reclaim the middle of the channel.

If a breakout occurs, the next closest resistance area would be at $3,150. 

XRP

Similar to BTC, XRP has been falling since March 28. The downward movement led to a low of $0.566 on April 30. The ensuing bounce (green icon) served to validate the $0.56 horizontal area as support. This is a crucial area since it is the final support level prior to new yearly lows. 

If the area initiates a bounce, the next closest resistance would be at $0.70.

APE

APE has been decreasing since reaching an all-time high price of $27.60 on April 28. So far, it has decreased by 45%. 

On May 2, it reached a low of $14.20 and bounced slightly. The bounce served to validate the previous all-time high resistance at $14.50 as support. 

A breakdown below this level would indicate that the current structure is bearish.

1INCH

1INCH has been decreasing alongside a descending support line since May 23. So far, it has reached a low of $1.07 on April 30. 

On April 25, 1INCH broke down below the $1.30 horizontal support area. Additionally, the RSI broke its bullish divergence trendline (green line). 

Until this area is reclaimed, the trend cannot be considered bullish.

ALGO

Since Feb 24, Algorand (ALGO) has bounced thrice (green icons) above the $0.70 horizontal support area. However, it was unsuccessful in initiating a reversal and broke down on April 28. 

Currently, it is making an attempt (red icon) at reclaiming this horizontal level. Whether it is successful in doing so or gets rejected will likely determine the direction of the future trend.

IOTA

Since May 2021, IOTA has bounced at the $0.70 horizontal area five times. However, it failed to initiate an upward movement and broke down below the area on April 2022. 

Until this area is reclaimed, the trend cannot be considered bullish.

For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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