Are investors losing interest in the ApeCoin price
- APE price consolidates within the lower half of the $6 range.
- ApeCoin price shows bulls are uninterested on the Volume Profile Indicator.
- Invalidation of the bearish downtrend lies at $7.
ApeCoin price could be signaling a catalyst in the making as the bulls avoid engaging with the Ethereum-based NFT token.
ApeCoin price readies for $5
ApeCoin price is likely to experience a “sweep-the-lows” event in the coming days as the bulls are holding the price within the lower boundary of the $6 zone. The consolidation could be signaling smart money’s plan to grab liquidity under the May 12 lows at $5.11.
ApeCoin price confounds the idea of an upcoming sell-off on the Volume Profile Indicator. The bulls have yet to step in and defend the price on the indicator, which justifies the current downturn and sideways price action.
APE/USDT 12-Hour Chart
Invalidation for the bearish thesis lies at $7. If the bulls can breach this level, a rally towards $14 could occur, which would result in a 100% 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.
