Is ApeCoin price prepping for a monstrous decline to $2?
- ApeCoin price is unfolding as an extending impulse wave down.
- APE price is still below a triangle apex.
- Invalidation of the bearish thesis is a breach above $11.50.
ApeCoin has a disastrous plummet in the cards aiming at targets unseen since the initial launch.
ApeCoin price hints at further drops
ApeCoin price could be setting up for a devastating decline to $2.00 if market conditions persist. APE price is unfolding subtly into an extending impulse wave down. The bears are consistently preventing the APE price from retracing 50% to 61.8% of each new decline. This bearish momentum signal should not be taken lightly. Even scalping the digital asset in a countertrend direction could lead to unmanageable losses if stop losses are not implemented.
ApeCoin price most significant bearish signal is the level where the price is consolidating. At the time of writing, the APE price trades at $7.98, below a triangle apex. The triangle apex is crucial for determining if markets will continue in a bullish or bearish direction. The APE price has not been able to breach through the triangle apex since falling through it early last week.
APE/USDT 4-hour chart.
The invalidation of the bearish downtrend is a breach through the triangle apex at $11.50. If the bulls can breach this level, the ApeCoin price should continue rising before retesting the apex for support. If this setup presents itself, the $15.00 level would be a conservative target, but there would be a possibility of reaching new all-time highs with a $31.00 target, resulting in more than a 180% increase from the current APE 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.
