ApeCoin price inches towards mayhem as bears aim to conquer the $5.00 terrain
- ApeCoin price has lost 16% of market value this week.
- APE price shows an uptick of bearish volume amidst the recent selloff.
- Invalidation of the bearish thesis could occur if the bulls can hurdle the $5.30 order block zone.
ApeCoin price could witness a sweep of the lows event if market conditions persist. Still, key levels have been identified to forecast a bullish and bearish scenario.
ApeCoin price has a decision to maket
ApeCoin price shows newfound bearish pressure as the bulls have successfully breached the $5 zone. Following the controversial US CPI report, the APE price has lost 16% of its market value. On smaller time frames, the Ethereum-based NFT token tests the 8-day exponential moving average for support while the 21-day simple moving average hovers just below price action at $4.86.
ApeCoin price currently auctions at $4.97. If the two moving averages cannot provide support, market conditions could turn catastrophic for the APE community. The Volume Profile Indicator confounds the idea that a decline could occur as the influx of volume amidst the CPI selloff is larger than the prior uptrend rally.
APE USDT 2-Day Chart
Combining these factors, a sweep the lows event targeting the September 7 low at $4.16 remains possible. Invalidation of the bearish thesis could occur, however, if the bulls find support near the current price zone and establish a close above the previous order blocks near $5.30. If this bullish event occurs, APE price could rally towards $6.00, resulting in a 20% increase from the current market value.
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.
