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Why the ApeCoin price is selling off in free-fall fashion

  • ApeCoin price has breached the May 12 lows. 
  • APE price is following the trajectory mentioned in previous outlooks.
  • Invalidation of the current trend is a move back up above $6.
Why the ApeCoin price is selling off in free-fall fashion
Tony M.Tony M.FXStreet Contributor

ApeCoin price has breached the May 12 lows, which could be the catalyst before a decline to $2.

ApeCoin price is following the technicals

ApeCoin price is showing solid bearish control going into the weekend. The bears have successfully breached the liquidity level at $5.22 established on May 12. If the technicals are correct, a mudslide into $2 could occur. 

ApeCoin price has yet to display any bullish signals to dispute the bearish thesis. Bears looking to enter the market can place a safety stop above $6.00 to participate in the subsequent decline. The current sell-off was induced by a subtle rejection of the Relative Strength Index on the daily chart.

tm/ape/6/10/22

APE/USDT 1-Day Chart

If the $6 level is breached, the bulls could induce a rally towards $10, resulting in a 95% increase from the current ApeCoin price.

Author

Tony M.

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.

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