Could ApeCoin price cauterize the bleed before $10
- ApeCoin price has crashed 56% from its all-time high at $27.49, suggesting a strong sell-off.
- APE could slide to $9.64 as the chances of sell-off are high around the $12.28 support level.
- A decisive four-hour candlestick close above $14.43 will invalidate the bearish thesis.
ApeCoin price has been on a rollercoaster ride as it shot up to a new all-time high due to the YugaLabs’ Otherside metaverse land sale. Due to the sudden spike in demand, the market value of APE shot up and eventually came crashing down as the hype died down.
ApeCoin price needs buyers
ApeCoin price has nosedived 56% from its all-time high at $27.49 on April 29 and is currently hovering around $11.95. This downswing also breached the $12.8 support level and flipped it into a resistance barrier.
However, a trend line drawn across the swing low formed on March 21, April 11, April 18 and May 8 shows that there is an inclined support level for ApeCoin price. If the buyers fail to defend this level, there is a good chance APE could trigger another crash.
This time, ApeCoin price has the immediate support level at $10.64, but a breakdown of this barrier could trigger a sell-off to the range low of $9.64. In total, this move would constitute an 18% crash
APE/USDT 4-hour chart
Despite things already looking grim for ApeCoin price, a sudden surge in buying pressure that pushes the altcoin to produce a decisive four-hour candlestick close above $14.43 will invalidate the bearish thesis for the short term.
A higher high relative to the May 5 swing high at $16.74 would suggest a resurgence of buyers and a potential uptrend in play for ApeCoin price.
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.
