Will the downtrend for the ApeCoin price continue? Here are a few factors to keep in mind

ApeCoin price is more of a guessing game than most cryptocurrencies. The newly established low at $3.07 should have a retest to define a true market bottom but forecasting when is nearly impossible.

ApeCoin price has a double scenario

ApeCoin price has validated previously written outlooks at FXStreet as the May 12 low at $5.17 has been a critical area of interest over the last few weeks. ApeCoin price produced sideways price action from the middle of May into early June before the anticipated breach at $5.30 occurred on June 11. The anticipated bearish target zone triggered a sellers’ frenzy, leading to a colossal decline into the extended $3.17 target. Now that the extended target has been reached, the ApeCoin price has a double scenario.

ApeCoin price could either go sideways for another week or plunge into the $2.00 price level in free-fall fashion. The Relative Strength Index has printed a new low on the 4-hour chart, which deems the NFT token in a downtrend until drastic changes occur. Traders should be cautious of jumping in too early to play the range, as a retest of $3.07 could trigger the final blow into $2.00. 

APE/USDT 4-Hour Chart

A safer invalidation to confirm the range will be a breach above $4.52. If this level is breached, the APE price could establish additional bullish hurdles into $4.75 and the recently capitulated liquidity level at $5.17. Said price action would result in a trading range with a high marked 50% above the current ApeCoin price.