ApeCoin price collapses to new two month lows, APE bulls are terrified

ApeCoin price action has one of the worst-looking daily Ichimoku charts in the entire altcoin space. The collapse is impressive not only from a price perspective but from the almost ridiculously oversold levels in APE’s oscillators. 

ApeCoin price is beyond oversold, but nothing is stopping APE from moving lower

ApeCoin price action is displaying a textbook example of a flash crash. In just twelve days, ApeCoin has moved from its all-time high of $27.33 to a new two-month low of $8.76. 

The 4-hour Ichimoku chart for ApeCoin price shows major extreme lows have been hit in its oscillators. The Relative Strenght Index has moved below the final oversold level in a bear market (20) and hit the 16 range. The Composite Index has also hit new all-time lows. 

Because ApeCoin price is in price discovery mode, a floor could be established at any level between the current all-time low and zero. However, the drive down may find some relief soon. 

On both the 4-hour Ichimoku chart and the daily Ichimoku chart (not shown), ApeCoin price is trading right where a Kumo Twist occurs. Kumo Twists are periods when Senkou Span A crosses Senkou Span B - the Cloud changes from green to red or from red to green. 

In the Ichimoku system, Kumo Twists can often identify where a new swing low or high may form - especially if an instrument has been trending strongly into the Kumo Twist. 

APE/USDT 4-hour Ichimoku Kinko Hyo Chart

While the most likely move for ApeCoin price is lower, the combination of the Kumo Twist and the extremes in the oscillators do hint at a bounce occurring soon. If APE does bounce, it will likely be limited to the Kijun-Sen at $12.25.