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The crypto analysis platform, CryptoBusy, shared on Twitter earlier today that Apecoin (APE) saw a big breakout to the downside over the past few days of trading. This came in response to one of their earlier tweets predicting that APE would experience a breakout, but it was still unsure in what direction the crypto’s price would move at the time.
$APE has broken down! (See the previous tweet)
— CryptoBusy (@CryptoBusy) July 7, 2023
If you waited for confirmation and entered a short position, congratulations to you! 💰💵
It's a great coin, but as a trader, you need to trade based on what the market is offering to you. 💯#Apecoin #Altcoin #BItcoin https://t.co/rsxrYowmgY pic.twitter.com/m7hEeYkD0V
In their tweet from Tuesday, CryptoBusy pointed out that APE’s price was nearing the apex of a descending price channel, and that the meme coin was very likely to experience a breakout. In the days that followed, this prediction materialized, and APE’s price started descending.
According to CoinMarketCap, the price of APE fell by more than 11% over the past 24 hours alone. This left the meme coin trading hands at $1.89 at press time. As a result, APE was trading much closer to its daily low of $1.96 than its daily high of $2.13.
The past few turbulent days also negatively impacted APE’s weekly performance as the crypto was down by about 17.62% over the past seven days. Meanwhile, APE’s 24-hour trading volume surged by more than 60% throughout the past day, which left it standing at around $86,187,377 at press time.
From a technical standpoint, the altcoin’s price was being forced downward by the 9-day EMA line. In addition to this, the technical indicator was positioned below the 20-day EMA line, which suggested that APE was in a short-term bearish trend and its price would continue to fall in the next 24-48 hours.
Should the crypto close today’s trading session below $1.909, then it will have no protection to prevent it from dropping to its listing price on Binance of $0.998 in the coming weeks. Conversely, if bulls identify APE’s current price as a good buy opportunity, then the crypto may recover to $2.8 in the next few days.
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