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Will the ApeCoin price fall to $2 this summer

Analytics

www.fxstreet.com 01 July 2022 02:26, UTC
  
Reading time: ~2 m

  • 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.

tm/ape/6/30/22

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.


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