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ApeCoin [APE] Moves to a Higher Range, but There’s an Issue

ApeCoin [APE] has been oscillating between $5.386 and $6.000 since 22 January. But it broke above the range and reached $6.410 after BTC surged to $23.8K. 

However, BTC fell below the $23.8K mark, prompting APE to drop. At press time, APE’s value was $6.110 and flashed red, indicating that bears were calling the shots. However, APE could oscillate in this range if BTC maintains the $23K zone. 

The On Balance Volume (OBV) and the Relative Strength Index (RSI) indicated downticks on the three-hour chart. This suggests that trading volumes dropped, leading to a drop in buying pressure. 

But the RSI value was 61, thus within the bullish threshold, indicating that bulls could gain control anytime. Therefore, APE could oscillate between $5.900 and $6.410, especially if BTC maintains the $23K zone. If BTC moves to the $24K zone, APE could break above $6.410 and retest the $6.793 level. 

ApeCoin ApeCoin $1.22
-8.21%
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