APE Coin’s Volatility Persists Amid Bullish Market Structure
APE Coin: Bulls Keeping Bears at Bay
APE Coin has experienced increased volatility in recent days. Despite a bearish sentiment in the futures market, the OBV (On-Balance-Volume) has been trending upwards since January 8, reinforcing the bullish tendency.
Price Development of APE Coin
On January 18, APE Coin fell by 12.2%. Despite the losses, the market structure remained intact. The drop to $1.31 was quickly bought up, but is this a reliable sign of a bullish recovery? This price drop occurred after a token unlock on January 17. Bitcoin [BTC] also fell from $42.9k to $40.6k, giving APE sellers even more reason to sell their holdings.
Market Structure Points to APE’s Next Direction
On January 17, APE closed a daily trading session above $1.53, which tipped the market structure bullish. The large price drop that occurred a day later was not enough to break the bullish structure. The previous higher low was highlighted by the red line and was at $1.37. APE fell to $1.31, but did not close the daily trading session below $1.37. The last three trading days saw prices slightly rise to $1.4.
RSI and OBV Indicators
Despite the bullish market structure on the 1-day chart, the RSI was below the neutral 50. Its value of 43 indicated that the downward momentum was stronger. In contrast, the OBV has been trending upwards since January 8. The OBV underscored that the buying volume was larger over the past ten days, which aligns with the bullish market structure break. Therefore, it is likely that APE will rise to the next resistance at $1.57 if $1.37 is not broken.
Evidence from Lower Timeframes Encourages Sellers
After January 18, the Spot CVD decreased sharply and wiped out the gains from the previous day. The downtrend continued. In addition, the open interest has also slowly decreased. Together, they point to a bearish short-term market sentiment. This would need to change if the bulls hope to drive a rally to $1.57 and higher.
Disclaimer
The information presented does not constitute financial, investment, trading, or any other types of advice and are solely the opinion of the author.
Source: AMBCrypto
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