What’s next for ApeCoin after running out of support levels and crashing below listing price
- ApeCoin price has crashed 38% below its listing price as the crypto markets continue to collapse.
- This downswing could send APE to retest the immediate psychological level at $3.
- A recovery above $5.02 will indicate the start of a bullish narrative for the NFT coin.
ApeCoin price has been down bad as are most altcoins due to the ongoing mess in the crypto ecosystem that seems to have begun after Terra’s downfall. Regardless, APE seems to be in worse condition as it slipped below the listing price.
ApeCoin price continues to bleed
ApeCoin price was listed at $5.02 on March 17 on many centralized exchanges like FTX, Binance and so on. Due to the NFT hype, the altcoin rallied 446% to hit a new all-time high at $22.49 on April 28.
Since this point, the ApeCoin price has been freefalling with no support level to prevent its collapse. The bearishness is a result of the interwoven crypto markets and platforms. With rumors of Three Arrows Capital being liquidated out of its position, sellers seem to have come back with a vengeance.
For APE, the breakdown of the $5.02 support level was followed by a 40% crash to where ApeCoin price currently trades – $3.09. If the sellers continue to offload their holdings as they have done so far, the chances of APE visiting $2.5 and $2 are not unlikely.
APE/USDT 1-day chart
On the other hand, if ApeCoin price bounces off the $3 psychological level and produces a daily candlestick close above $5.02, it will invalidate the bearish thesis. Furthermore, a bullish outlook will come into play if ApeCoin price produces a higher high above May 30 swing high at $7.46.
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.
