ApeCoin price dumps, targets $9
- ApeCoin price has breached the $13 support zone.
- APE has broken past buyers' territory on the Relative Strength Index.
- Invalidation for the bearish thesis will be a close above $14.50.
ApeCoin price is likely to continue falling towards $9. Multiple signals insinuate bullish weakness.
ApeCoin price could bring forth some pain
ApeCoin price has investors feeling less optimistic about starting the month of April as the price currently trades below $12. It was mentioned in last week's bearish thesis that an early sell signal would appear if bears managed to send APE price back into the $13 support zone. Towards the end of the trading week, bears did manage to push the price lower, and ultimately on March 31st, the ApeCoin price broke through the support barrier, paving the way to further losses.
ApeCoin price should concern investors as the NFT token lacks distinguishable support in prices below $12. The Relative Strength Index has breached the final 40 support level. Early buyers may want to take a jab at APE price when it falls into the oversold 30 area, but the ApeCoin price seems in limbo as the $12 price coincides with a 36 reading of the RSI.
APE/USDT 4-Hour Chart
ApeCoin price is likely to keep falling. Still, the first touch at $10 may be too risky. Before attempting to catch the APE Price bloody knife, traders should consider waiting for distinguishable chart patterns in the $10, $9 and even $7 levels.
Invalidation for this bearish thesis will remain the same as last week. ApeCoin price must close above $14.50 to consider any more upside potential. If this were to happen, the bulls could aim for $15.50 and $16 confidently, resulting in a 30% increase from the current ApeCoin price.
Author
FXStreet Team
FXStreet
