- ApeCoin price breaks below supportive technical elements.
- APE is at risk of breaking lower if dollar strength remains elevated or further strength kicks in.
- Expect a drop towards $3.00 or a 30% loss.
ApeCoin price is breaking below an important technical element in the ASIA PAC session this morning that could signal the end of the current rally. At risk now is a full paring back of all the incurred gains and a swing back to the low of this year, near $3.00. In total, ApeCoin traders could stand to lose roughly 30%.
APE trading heavy in ASIA PAC
ApeCoin price is signalling distress this morning as price action builds for a drop in the coming days after bears broke through the current defensive line, a trend line that acted as the backbone for the rally that lasted roughly three weeks and promised to break above $5.70. Instead, this morning, in ASIA PAC trading, bears evaporated those hopes and broke below, triggering a scenario that could see a full swing back to the low point of 2022, eating 30% of the value out of the bulls’ portfolios.
APE price will see an accelerated nosedive move once $4.27 breaks down completely. For now, that level is still holding and awaiting a test, but if bearish elements get triggered, by, for example, further dollar strength, that level could be ‘game over’ for bulls. A nosedive would see APE price action drop back towards $3.00.
APE/USD daily chart
All the panic could be for nothing, however, if price makes a false breakout at the beginning of the week. If bulls can push price action back above the ascending trend line, the bullish triangle will come back into play and see a pop back above $5.00. From there, space could get opened up for a test of $5.70. Price action would then start to slow down as the 55-day Simple Moving Average comes into play and mutes price action from any further upside.
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