- ApeCoin saw its price losing 56% from the $27.49 all-time high, highlighting a massive sell-off.
- The alt might crash towards $9.64 as the support zone at $12.28 exhibits high plummet risks.
- A significant 4hr candlestick closing beyond $14.43 will cancel the bearish narrative.
ApeCoin has seen roller-coaster actions since climbing to new ATHs amid Otherside metaverse sales by Yuga Labs. Meanwhile, the sudden demand surge saw APE’s market value exploding before crashing lower as the hype fizzles.
APE Needs Buyers
ApeCoin hovered 56% down from its $27.49 all-time high on 29 April, currently hovering near the $11.95 vicinity. The downward trend saw the alternative token breaching the support barrier at $12.8 and flipped the region into a resistance area.
Nevertheless, drawing a trend-line connecting swing low created on 21 March, 11 April, 18 April, and 8 May, displays an inclined foothold for the asset. Buyers failing to protect this area would increase the crashing possibility for ApeCoin.
For now, APE has its nearest support floor near $10.64, and violating this footing can mean downside moves towards the $9.64 range low. That would translate to an 18% total fall.
Though things appear grim for APE price, a sudden buying pressure resurgence that pushes the token to form a significant 4hr candle closing beyond $14.43 will annul the pessimistic narrative in the near term. A higher-high matching the 5 May swing peak of $16.74 would confirm buyers’ comeback and possible an upside moves for ApeCoin.
Though slightly bullish, ApeCoin appears not prepared to handle the current bearishness. The alt saw considerable declines since topping its $27.49 ATH, losing 56%. APE appears weak and ready to stretch the leg down, with bears eyeing $9.64. Only a decisive 4hr candle closing beyond $14.43 might prevent bearishness in ApeCoin.
ApeCoin’s downside spiral emerges as the crypto market sees bears on the front wheel. Moreover, APE will likely react according to the overall marketplace. For now, everything seems to point out to further declines. Bitcoin extended its drops over the past day, losing 3.97% to $34,476.09. Such conditions would see APE hitting its downside targets hassle-free.
Editorial credit: photo_gonzo / shutterstock.com
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