ApeCoin price is still on pace for a disastrous decline to 2
- APE price is coiling within a declining impulse wave
- ApeCoin price still consolidates below a triangle apex
- Invalidation of the bearish thesis is a breach above $13.50.
ApeCoin still shows reason to believe in lower targets before the next bull run occurs.
ApeCoin price is headed south
ApeCoin price shows reasons to believe in a jaw-dropping $2.00 target. If market conditions persist, the bears could break the $8.50 support zone and begin a deadly decline in free-fall fashion. The initial impulsive move down warrants the need for sideways and possibly countertrend consolidations before another severe drop occurs. Ultimately the bears preventing the APE price from retracing 50% to 61.8% of the larger rallies signals a significant bearish stronghold. There may be better digital assets to consider trading and hodling in the coming weeks.
ApeCoin price, at time of writing, trades at $7.75 still beneath a triangle apex. The triangle apex should be the strongest indicator for long-term investors to look at before investing in the ApeCoin price. Unless the triangle apex is breached, the trend is considered bearish until lower targets are reached.
APE/USDT 4-Hour chart.
The safest buy signal for an uptrend rally is a breach through $11.50. However, the overall downtrend will not be invalidated until wave one at $13.50 is breached. If the bulls can break through this barrier level, the ApeCoin price could continue rising towards $15.00 and possibly new all-time highs at $31.00, resulting in a 185% increase from the current ApeCoin price.
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.
