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