Briefly –
- ApeCoin has its price forming a capitulation beneath the 12 May lows at $5.30.
- The alt has formed another low on its RSI.
- ApeCoin should rise past $4.52 to invalidate the ongoing free-fall situation.
ApeCoin (APE) turns out to be more of a guessing token than most digital assets. The newly formed low near $3.07 needs a retest to detect a decisive market bottom, but predicting when remains nearly impossible.
APE Price Presents a Double Case
The 12 May low of $5.17 has remained a crucial value area over the past few days as far as ApeCoin price trends are concerned. The alternative token presented sideways price movements from mid-May to early June before breaching $5.30 on 11 June. The expected bearish mark level catalyzed selling activities, translating to a massive plunge towards the stretched target at $3.17. Now that APE has reached the extended target, the alt had a double case.
ApeCoin price will either experience sideways actions for another week or record a free-fall towards the $2.0 lows. Meanwhile, the Relative Strength Index formed another low on its 4hr timeframe, highlighting extended downtrends for the NFT coin until radical changes emerge. Investors should remain alert when joining early since a $3.07 retest might catalyze the last move to $2.0.
Meanwhile, APE price should breach beyond $4.52 to confirm invalidation. Overcoming this area can see the altcoin exploring further bullish challenges around $4.75 plus the latest capitulated liquidity zone at $5.17. Such price movements would lead to a range with a 50% high mark beyond current prices.
ApeCoin’s path with fewer hurdles is the downside. Moreover, the altcoin will trend according to the broader market situation. For now, bears dominate the cryptocurrency world, contemplating further declines. The cumulative value of all digital assets remains well beneath the $1 trillion level. While publishing this content, the global cryptocurrency market capitalization stood near $899.46 billion, following a 4.65% drop within the past day.
Also, Bitcoin stayed in bears’ hands. While writing these lines, BTC traded at $20,313, down 5.71% within the previous 24 hours. Such market conditions will see APE sellers prevailing, translating to further price drops.
Editorial credit: mundissima / Shutterstock.com
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