ApeCoin (APE) is facing strong bearish pressure, with several indicators signaling continued bearish momentum. The MVRV suggests that recent buyers are mostly at a loss, indicating undervaluation but leaving room for further declines.
The RSI remains low but has not yet entered oversold territory, indicating that selling pressure may continue before any recovery. Furthermore, the EMA lines have formed a death cross, suggesting that APE price could test deeper support levels.
MVRV indicates an important threshold
The 7-day MVRV is currently at -8.79%, suggesting that most holders who bought in the past week are at a loss. This negative MVRV level implies that the APE price could be approaching a bottom, as lower values often signal a buying opportunity.
Read more: ApeCoin (APE): Everything you need to know
APE 7-day MVRV. Source: Santiment
Historically, APE has recovered when its 7-day MVRV has fallen below -9.2%, meaning one more correction is possible before recovery.
While the current MVRV is close to this threshold, it suggests that the APE price could still fall a bit further before reaching a level that previously triggered upward momentum.
RSI is not yet oversold
The RSI is currently at 36.29, indicating a relatively low level of momentum and signaling that selling pressure has been dominant. The Relative Strength Index is an indicator used to assess whether an asset is overbought or oversold.
Although APE's RSI is low, it has not yet reached the oversold threshold, suggesting that there may still be room for further downside.
RSI and APE. Source: TradingView
This level indicates weakness in buying interest, and without an oversold reading, the likelihood of an immediate rebound remains uncertain. Consequently, APE's price correction may continue before any reversal occurs.
APE Price Prediction: Another 24.5% Correction?
The EMA lines are forming a “death cross,” with the short-term ones crossing below the long-term ones. This formation is typically a strong bearish signal, suggesting that the current momentum could intensify as sellers gain control.
With APE already down around 10% in the past 24 hours, a continuation of this trend could lead to a test of support at $0.68, which would imply a 24.5% pullback.
Read more: ApeCoin (APE) Price Prediction 2024/2025/2030
APE EMA and Support and Resistance lines. Source: TradingView
On the other hand, if buying interest emerges and the trend reverses, APE could attempt to break the resistance at $1.14, offering a potential upside of 25%. The direction of the next move will likely depend on whether the altcoin can hold the current support or attract new buyers.
The post Can ApeCoin (APE) Price Correct Further? Analysis Answers appeared first on BeInCrypto.
