ApeCoin Price Prediction: A $3 token by the end of the year?
- Apecoin price coils in a triangular fashion.
- The Volume Profile Indicator hints that sellers are still in control.
- Invalidation of the downtrend scenario is a breach above $5.60.
ApeCoin price shows bearish technicals in both the short term and the medium term.
ApeCoin price is likely to plummet
APE price displays concerning signals that long-term investors should be aware of. Since August 3, the Ethereum-based NFT token has lost 30% of its market value. A death cross of the 8- and 21-day simple moving averages on August 14 catalyzed a penny-from-Eiffel style decline into the $5 price zone.
ApeCoin price currently auctions at $5.15 as the New York trading session closes on August 23. The Volume Profile Indicator confounds the idea of an upcoming selloff as the sideways consolidation unfolds with relatively low transactions.
Auction market theory would suggest that influential bulls are uninterested in the current APE price and will demand a better bargain. If the technicals are correct, an additional decline could occur to the $4.75 zone before the end of the month. Macro technicals suggest the APE price is in a sharp 5-wave impulse move targeting $3.00 before the end of the year.
APE/USDT 4-Hour Chart
Invalidation of the bearish outlook is a breach above $5.60. If the bulls can breach this barrier, they may be able to rally as high as $6 in the short term, resulting in a 17% increase from the current ApeCoin price.
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.
