Will the ApeCoin price fall to $2 this summer
- ApeCoin price experiences a steep declining rally on the four-hour chart.
- APE price tests the 21-day moving average.
- Invalidation of the bearish downtrend is a breach above $6.15.
ApeCoin price shows incoming sell-off signals on the final day of June. It is best to wait for a breach of the invalidation level before counter-trend trading the Ethereum-based NFT Token.
ApeCoin price is under attack
ApeCoin price shows concerning signals to end the month of June. On June 18, the bulls managed to rally an impressive 75%. The expected profit-taking consolidation saw additional weighted pressure from bearish breakout traders . APE price has fallen 22% since the 75% rally at the time of writing. The technicals portray the potential for more downside as the bears are snowballing the bearish momentum.
ApeCoin price currently trades at $4.34 as a 21-day simple moving average (SMA) is currently being tested as support. A breach and close beneath the SMA could trigger additional sell-offs into the $4.00 and $3.60 price levels. Ultimately if the bulls cannot provide support at these pivotal levels, the potential for more uptrend will be void. The bears could cause a mass liquidation into $2.00, as mentioned before in previous outlooks.
APE/USDT 4-Hour Chart
Invalidation of the bearish downtrend is a breach above $6.15. If the bulls can hurdle this price level, they may have the power to rally as high as $12.50, resulting in a 175% 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.
