ApeCoin continues to fall as bears aim for $5.00
- APE price is descending within a parallel channel.
- ApeCoin price still consolidates below a triangle apex.
- Invalidation of the bearish thesis is a breach above $13.50.
ApeCoin exhibits full bearish control. A drop towards the $5.00 target is a high probability occurrence in the near future.
ApeCoin price is submerged
ApeCoin price is still following the macro technicals forecasting a $2.00 target. The bears are suppressing the APE price today as the bulls are failing to hold support at the $7.00 level. The ApeCoin price is descending within a parallel channel which could continue sending the Ethereum-based token into the $5.00 zone if market conditions persist.
ApeCoin price is now a severe 40% below a triangle apex. A breach into the triangle apex is still the most required validator for more uptrend potential. It is worth noting that the bears have breached the buyers' support level on the Relative Strength Index for the first time since the initial sell-off on May 8. This critical evidence, accompanied by the new forming descending channel, provides more confluence for a $5.00 APE price in the near future.
APE/USDT 8-hour chart.
The safest buy signal for an uptrend rally is a breach through the triangle apex at $11.50. If the bulls can break through this barrier level, the ApeCoin price could continue rising towards new all-time highs at $31.00, resulting in a 380% increase from the current ApeCoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
