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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.