ApeCoin (APE) adds 39%, Are Sellers Slowing Down?

ApeCoin has been under pressure in the last trading week but is up a decent 39 percent in the past 24 hours. The coin has support at May 11 lows, with bulls optimistic about a recovery. Past Performance The tide seems to be changing for the coin after a calamitous first half of the week. APE is up 39 percent versus the USDT and printing a green candlestick when writing. Notably, it is soaking selling pressure of the past 24 hours, unwinding losses of May 11. APE Technical Analysis The rejection of lower lows at spot rates is at the 78.6 percent Fibonacci retracement level of the March 17 bull bar. While it may be too early to call bottoms, the reaction at the Fibonacci level could provide a hint that bears might be slowing down after the decimation of early this week. In the medium term, how APE prices react at $5.2 and $9.2-marking May 11 high and low could shape price action. For now, sellers may unload the pullbacks within the conspicuous bear bar of May 11, targeting $3—or lower in the short term. However, if buyers build on recent gains to close above $9.2, APE may bounce to $25 in the medium term. What to Expect? Sellers are still in a commanding position at spot rates despite APE coin gains. Losses below $5.2 could spell more dumps for the APE token. On the flipside, a recent recovery could be a reliever for stretched bulls.The post ApeCoin (APE) adds 39%, Are Sellers Slowing Down? appeared first on Cryptoknowmics-Crypto News and Media Platform.