ApeCoin price inches towards mayhem as bears aim to conquer the $5.00 terrain
|- ApeCoin price has lost 16% of market value this week.
- APE price shows an uptick of bearish volume amidst the recent selloff.
- Invalidation of the bearish thesis could occur if the bulls can hurdle the $5.30 order block zone.
ApeCoin price could witness a sweep of the lows event if market conditions persist. Still, key levels have been identified to forecast a bullish and bearish scenario.
ApeCoin price has a decision to maket
ApeCoin price shows newfound bearish pressure as the bulls have successfully breached the $5 zone. Following the controversial US CPI report, the APE price has lost 16% of its market value. On smaller time frames, the Ethereum-based NFT token tests the 8-day exponential moving average for support while the 21-day simple moving average hovers just below price action at $4.86.
ApeCoin price currently auctions at $4.97. If the two moving averages cannot provide support, market conditions could turn catastrophic for the APE community. The Volume Profile Indicator confounds the idea that a decline could occur as the influx of volume amidst the CPI selloff is larger than the prior uptrend rally.
APE USDT 2-Day Chart
Combining these factors, a sweep the lows event targeting the September 7 low at $4.16 remains possible. Invalidation of the bearish thesis could occur, however, if the bulls find support near the current price zone and establish a close above the previous order blocks near $5.30. If this bullish event occurs, APE price could rally towards $6.00, resulting in a 20% increase from the current market value.
In the following video, our analysts deep dive into the price action of Apecoin, analyzing key levels of interest in the market. -FXStreet Team
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