Apes give up as ApeCoin (APE/USD) now stares at a possible drop below $3

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  • ApeCoin has lost the battle at the resistance of $4.2

  • The cryptocurrency has been hit by general weak crypto sentiment

  • APE may drop to $3 if bear pressure increases

ApeCoin (APE/USD) was trading at $3.5 as the cryptocurrency came under pressure from the $4.2 resistance. The buyers have been defending the $4.2 resistance for a while, anticipating a possible breakout and the start of a bull run. The apps seem to have been defeated now as the cryptocurrency eyes a potential drop to $3.

Coincides with the launch of the recent strength in ApeCoin expressed feature earlier this month. Despite seeing a lot of success, users of the staking service have been warned of several phishing attacks. Horizon Lab, the developer of the staking feature, has asked users to use only official links, Apstech.io, for service.

Nonetheless, from a price perspective, APE is being influenced by the overall crypto sentiment. The decline comes despite record-leading sales volumes of app-coin-linked NFTs. A technical approach shows that APE is still trapped in a descending channel.

APE drops from resistance at $4.2 as weakness develops

APE/USD Chart by TradingView

APE initiated a bearish MACD crossover on the daily chart. The indicator has moved into the negative zone after the latest price decline.

The cryptocurrency is now trading below the $4.2 resistance after the bears took control. APE price is now back in the descending channel. The price is consolidating at $3.5, but the established support is at $3.0.

closing thoughts

If the bulls do not take control of the APE at $3.5, the next decline could take the cryptocurrency to $3.0. ape price The resistance at $4.2 should be surpassed and the descending channel should form bullish.

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