ApeCoin The price was in a steady uptrend last week, but things are about to come to a halt and could potentially start to reverse. Investors need to be wary of pullbacks, as the risk of further collapse in APE’s market value could reverse gains and cause more losses.
ApeCoin Price Near Expiry
ApeCoin pricerallied 25% since June 30 low of $4.20. This rally has temporarily cleared the $5.02 hurdle but buyers have failed to step in and sustain this recent reversal. As a result, APE breaks below that level, indicating that the downtrend is on the way.
As ApeCoin price trades below the $5.02 barrier, investors can expect this downtrend to continue, as bitcoin The price also continues its upward trend for 48 hours. In such a scenario, it seems highly likely that ApeCoin will break the descending support level and visit the $4.28 support level.
ApeCoin price could revisit the $3.78 support, where buyers could step in and try another recovery rally. This decline could extend 13% to $4.28 or even 22% to $3.78.
While things look bleak for ApeCoin price, a sudden increase in buying pressure pushing APE higher could counter this pessimistic outlook. If ApeCoin price produces a four-hour candlestick above the $5.59 barrier, it will invalidate the bearish view. In such a case, APE could climb higher and retest the $6.09 resistance.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.