Apecoin [APE] sunk below the $1.09 support level at press time, as the Non-fungible Token [NFT] related coin continued to hit new all-time lows. But despite the modest recovery, APE fell to $1.06.
The price drop signified the inability of bulls to initiate a sustained reversal due to APE’s heavily bearish market structure. Meanwhile, Bitcoin [BTC] continued its sideways movement between $26.8k and $26.9k over the past 48 hours.
Will the trend of All-Time Lows (ATLs) ease?
Apecoin has struggled under massive selling pressure for most of the year. Recently, APE tried to rally off the $1.09 support level. However, the bullish rebound quickly fell to the bearish momentum.
This saw the $1.09 support level flipped to resistance on 9 October. Despite the best recovery efforts of buyers, APE remained under the new resistance level.
Yet, the on-chart indicators showed that buyers might experience a positive outlook soon. The Relative Strength Index (RSI) stayed below the neutral 50 but crawled strongly out of the oversold zone.
Similarly, the On Balance Volume (OBV) moved from 25.2 million to 40.25 million between 10 October and 14 October. Along with the Chaikin Money Flow (CMF) turning positive, buyers can expect to see a bullish reaction in the long term.
Open Interest dipped along with fluctuating Funding Rate
Data from Coinalyze showed a lack of bullish conviction in the Futures market. The Open Interest (OI) dipped despite the slight uptick in price. This hinted at a disinterest in buying Apecoin.
Likewise, the Funding Rate fluctuated to reveal the uncertainty of market participants. This could hamper the chances of a bullish rally in the long term.