ApeCoin (APE) Should Keep This Area for New Highs

• ApeCoin has its price grappling with the supply zone, extending between $14.23 and $15.98.
• A rejection might push the token towards the $12.28 support floor, whereas overcoming the obstacle might result in new highs.
• A daily candle close under $12.28 might catalyze a massive crash to $9.64.

ApeCoin (APE) has witnessed a substantial upward move within the previous ten days. Nevertheless, the latest move to the supply territory proves challenging for the alt bulls. Enthusiasts should be alert since failure to trigger upswings might translate to a sharp fall.

APE Price at Break or Make Level

ApeCoin’s price arrived at an inflection zone amid its ongoing journey. The altcoin grapples with the resistance barrier at $14.43 and supply confluence in $14.23 – $15.98, following a 63% surge within ten days.

For now, APE bulls do not appear to boast what it takes to overpower this cluster, suggesting inadequate buying momentum. Nevertheless, forming a 4hr candle close beyond $15.98 will clear the road for APE to explore its current record highs of $17.46.

Meanwhile, the above narrative looks less likely due to the current condition of ApeCoin bulls. The altcoin should stabilize above $12.28 to keep the bullish attitude. Buyers defending this foothold might support the upcoming rally that could take the token towards its current peaks and probably climb higher towards the price discovery phase.

The drop in on-chain volume and daily active addresses support the faded enthusiasm for APE. The latter witnessed a massive decline from 28 March to 6,445 from 17,048. Meanwhile, the former has plunged since 24 March to 0.98 billion from 2.6 billion.

The on-chain volume and active addresses plunge show traders losing interest in ApeCoin at its current zones.

Despite the bullishness within the alt market, ApeCoin struggles for new highs. A slight plunge towards $12.28 looks possible. Moreover, surged sell-side momentum might violate the mentioned support. Nevertheless, an APE lower low after a fall beneath $12.28 will nullify the bullish narrative. Such developments can see ApeCoin plummeting to $9.64.

We have more crypto news on your way. Stay tuned.

Editorial credit: mundissima / shutterstock.com