|

ApeCoin price disintegrates as the NFT token now qualifies as a high risk asset

  • APE price has declined 17% this week.
  • ApeCoin price does not show any changes on the volume indicator.
  • Invalidation of the bullish thesis is above $7.50.

The NFT-inspired token price could continue declining as the technicals show no change in the overall downtrend.

ApeCoin price is a high risk asset

The ERC-20 governance and utility token has declined 17% since the weekend rally. The bulls have yet to step in with any retaliatory force, which warrants the idea that smart money is unwilling to negotiate at the current price levels.

ApeCoin price is now trading at $6.12. The volume profile indicator signals no change in the overall downtrend, which started in early May. Investors should consider staying away from the APE price until the $5 target is reached. It is worth noting that analysts have forecasted $2 targets in previous reviews of the popular NFT token which deems ApeCoin a high risk asset until further notice.

tm/ape/6/3/22

APE/USDT 9-Hour Chart

The invalidation for the bearish thesis is a breach above $7.50. If the bulls breach this level, $8.50 will be the next target resulting in a 37% increase from the current ApeCoin price.

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

Top 3 Price Predictions: BTC, ETH and XRP rebound as major support levels cap recent sell-off

Bitcoin, Ethereum and Ripple rebound modestly on Friday after correcting and testing their key support zone the previous day. BTC holds the 50-day Exponential Moving Average, ETH finds support around the 100-day EMA, while XRP holds the horizontal floor near $1.300.

Why Hyperliquid is losing RWA market share to centralized exchanges

Hyperliquid (HYPE) is losing market share in real-world asset perpetual futures to centralized exchanges even as the overall financial market faces pressure. Hyperliquid’s trade.xyz accounted for roughly 80% of RWA perpetual trading volume in July, according to Artemis data shared by Ark Invest Digital Asset Head of Research Lorenzo Valente..

Cardano Price Forecast: Whale selling deepens ADA correction

Cardanoedges higher by nearly 2% on Friday, following a roughly 6% decline the previous day. The pullback aligns with the sell-side appeal among large-wallet investors, commonly referred to as whales, and Cardano derivatives. The technical outlook for ADA is bearish, with downside momentum persisting. Whales are losing their appetite for holding ADA tokens, fueling near-term selling pressure.

Bitcoin falls 4% as chip stocks plunge 6.7% and oil surges
Bitcoin (BTC) fell below $82,000 on Thursday as the crypto market joined a broader market sell-off driven by concerns over artificial intelligence (AI) spending, rising oil prices and escalating geopolitical tensions involving the US and Iran. The top crypto fell 4% to $81,130 as macro fears weighed on prices across the digital asset market.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.