APEcoin (APE) is currently going through a bearish period after being driven down by bears and finding support at $3.22. The failed attempt to break the $3.39 24-hour high caused bears to regain control and lead the market to a 1.91% drop to $3.23. This decrease was caused by the bearish power and likely motivated investors to liquidate their positions. However, the 131.97% surge in the 24-hour trading volume indicates that traders still have great expectations of APE's long-term potential and are taking advantage of the lull to buy more coins.

The Moving Average Convergence Divergence (MACD) on the 2-hour price chart is still in the negative region and below its SMA line, meaning that bearishness is likely to stay in the short term. The Know Sure Thing (KST) rating of -26.9359 shows that APE is oversold and might recover, while the Elder Force Index (EFI) rating of -145 confirms that sellers control the market and drive prices lower.

The Money Flow Index (MFI) rating of 33.93 reveals that purchasing pressure has declined and selling pressure has increased. With APE nearing the oversold level of 20, this may represent a buying opportunity for traders seeking to enter the market at a lower cost.

In conclusion, traders and investors must be careful when opening new positions as the pessimistic trend may continue; however, the oversold conditions might present a decent opportunity for taking risks.



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