ApeCoin price needs to alleviate selling pressure to revisit $15
- ApeCoin price breaches the $11.52 to $12.26 demand zone, hinting at a further downswing.
- A quick recovery above $12.26 could prematurely send APE to retest $14.43.
- A four-hour candlestick close below $11.52 will invalidate the bullish thesis.
ApeCoin price shows an increase in selling pressure that has pushed it past the immediate support level. This development could lead to a further crash if APE buyers fail to defend key levels.
ApeCoin price at wits’ end
ApeCoin price has dropped 22% in the past week, denoting an increase in selling pressure. This move comes after APE failed to breach the $14.23 to $15.98 supply zone. Since then, the altcoin has retested the $12.28 support level and is currently showing signs of breaching the two-hour demand zone, extending from $11.52 to $12.26.
Since this area harbors a demand zone and a support level, a breakdown of the former will indicate a surge in selling pressure and trigger a further crash. However, if buyers band together, there is a good chance a recovery above $12.26 will alleviate this bearish outlook.
A consolidation above $12.26 could be key in triggering another run-up to $14.43. This move would constitute a 25% ascent from the current position at $11.48. In a highly bullish case, ApeCoin price could extend and retest its all-time high at $17.46.
APE/USDT 2-hour chart
While things are looking up for ApeCoin price, a failure to recover quickly above $11.52 will indicate a lack of buying pressure.
In such a case, a four-hour candlestick close below $11.52 will invalidate the bullish thesis for ApeCoin price. Such a development could also trigger a potential crash to the $9.64 support level. Here, buyers can step in and purchase APE at a discounted price and trigger another attempt at an uptrend.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
