|

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

  • ApeCoin price has produced a capitulation below the May 12 lows at $5.30. 
  • APE price has printed a new low on the Relative Strength Index.
  • Invalidation of the free-fall scenario could be a breach above $4.52.

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. 

tm/ape/6/16/22

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.

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.

More from Tony M.
Share:

Editor's Picks

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.

Stellar Price Forecast: XLM risks deeper losses as derivatives metrics turn negative

Stellar is trading red below $0.16 at the time of writing, after a slight recovery the previous day. Weakening derivatives data caps the recovery, while an unfavorable technical outlook projects a deeper correction for the XLM token in the upcoming days.

Aave Price Forecast: AAVE tests channel resistance as ParaFi Capital deposit, bearish derivatives data caps upside

Aave (AAVE) trades around $120 on Tuesday, testing the channel resistance, signaling that sellers remain active in the zone. Lookonchain data shows that ParaFi Capital transferred 42,000 AAVE tokens to Coinbase Prime over the past 10 hours, often interpreted as a potential selling signal.

CME Group's futures suite now covers over 75% of total crypto market cap

CME Group announced that its crypto futures offering now covers over 75% of the total digital asset market cap, following the launch of its Cardano (ADA), Chainlink (LINK) and Stellar (XLM) products.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.