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Brian Bollinger Apecoin’s price has lost some critical technical support amid the recent crypto market sell-off. This sell-off intensifies the market selling pressure, which encourages further decline. However, the buyers still have a long-coming support trendline that could resume the prevailing recovery.advertisementKey points: A bearish breakdown from the $5.26-$5.15 support threatens Apecoin price with a 14% drop
The Ape price will continue to trend bullish until the support line is intact.
Apecoin’s intraday trading volume is $103.2 million, which indicates a 23.9% loss
Source-tradingviewThe Apecoin price made a bullish breakout of the two-month-long rising channel trend on January 21st. This breakout demonstrated strong buyers’ commitment for an even more aggressive rally. However, the coin price reached a local high of $6.41 before reverting lower as uncertainty spread in the crypto market. The consolidation resulted in traders being able to retest the pattern’s breached resistance for appropriate support. Trending StoriesOn February 9th, the US SEC charged on crypto exchange Kraken for violating securities laws through an unregistered stalking-as-a-service program that caused panic selling in the market. The APE price experienced significant outflow and broke two critical support levels of the ascending trendline, $5.26-$5.15 and the US SEC. This support may have forced several traders to liquidate their long positions, which in turn increased the market selling pressure. Moreover, the long price rejection at the $5.15 mark indicates the sellers are defending the newly obtained resistance.The post-retest downfall may plunge the price 14% down to reach a rising support trendline.Anyhow, until this long-coming support trendline is intact, the Apecoin price can maintain a bullish outlook.Technical IndicatorRSI: the daily-RSI slope nosedive below the midline indicates the recent sell-off has significantly affected the market sentiment, indicating a high chance for prolonged downfall.advertisementEMAs: the Apecoin price losing 20-50-and-200-day EMA support during the recent downfall provides an extra edge in sellers’ favor.Apecoin Intraday Price LevelsSpot price: $5.159
Trend: Bullish
Volatility is high
Resistance level: $5.26-$5.15, $6.4
Support level – $4.4 and $4.2
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