ApeCoin price could wipe out all of July's gains if this level is breached
- ApeCoin price is denied access to the $5 barrier from the 8-day simple moving average.
- APE price shows bulls' lack of interest in the Volume Profile Indicator
- Invalidation of the bearish thesis is a breach above $5.20
Apecoin price shows bearish signals to the end of July. A sweep the lows event targeting $4.42 is in the cards
ApeCoin price faces resistance
Since August 1, the APE price has lost 37% of its market value. In recent trading hours, the ApeCoin price was rejected at the $5 zone from the 8-day simple moving average. The SMA's denial of entrance to prices higher prompts the idea that buyers want a better discount.
ApecCoin price currently auctions at $4.84. The Volume Profile Indicator is relatively sparse during today's trading hours, reaffirming the bearish idea. A breach of the $4.70 barrier could induce sidelined investors to jump in for a quick short, targeting the July 15 swing low at $4.42. Such a decline would result in a further 11% decline from the current ApeCoin price.
APE/USDT 4-Hour Chart
Traders looking to join the bearish onslaught should wait for $4.70 to get breached while keeping an invalidation at $5.20. Keep in mind that if the $5.20 barrier is breached, the bulls could continue rallying higher towards $5.75, resulting in a 20% increase from the current ApeCoin price.
In the following video, our analysts deep dive into the price action of Apecoin, analyzing key levels of interest in the market. -FXStreet Team
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.
