ApeCoin price needs to alleviate selling pressure to revisit $15
|- ApeCoin price breaches the $11.52 to $12.26 demand zone, hinting at a further downswing.
- A quick recovery above $12.26 could prematurely send APE to retest $14.43.
- A four-hour candlestick close below $11.52 will invalidate the bullish thesis.
ApeCoin price shows an increase in selling pressure that has pushed it past the immediate support level. This development could lead to a further crash if APE buyers fail to defend key levels.
ApeCoin price at wits’ end
ApeCoin price has dropped 22% in the past week, denoting an increase in selling pressure. This move comes after APE failed to breach the $14.23 to $15.98 supply zone. Since then, the altcoin has retested the $12.28 support level and is currently showing signs of breaching the two-hour demand zone, extending from $11.52 to $12.26.
Since this area harbors a demand zone and a support level, a breakdown of the former will indicate a surge in selling pressure and trigger a further crash. However, if buyers band together, there is a good chance a recovery above $12.26 will alleviate this bearish outlook.
A consolidation above $12.26 could be key in triggering another run-up to $14.43. This move would constitute a 25% ascent from the current position at $11.48. In a highly bullish case, ApeCoin price could extend and retest its all-time high at $17.46.
APE/USDT 2-hour chart
While things are looking up for ApeCoin price, a failure to recover quickly above $11.52 will indicate a lack of buying pressure.
In such a case, a four-hour candlestick close below $11.52 will invalidate the bullish thesis for ApeCoin price. Such a development could also trigger a potential crash to the $9.64 support level. Here, buyers can step in and purchase APE at a discounted price and trigger another attempt at an uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.