Apecoin (APE) has been exhibiting robust bearish indicators over the previous week. The coin is now in steep decline as broader weakness available in the market takes its toll. But how far can it really fall? More on this beneath however first, listed below are some highlights:
APE has recorded 3 straight days of losses as bears take full management
The coin will probably bottom at $5 on this bearish cycle
This thesis will turn out to be invalided if bulls can push the worth motion above $7
Data Source: TradingView
Apecoin’s trajectory and why $5 issues
When Apecoin launched just a few weeks in the past, the coin merely went to the moon. At one level, it was even buying and selling at round $25. But the anticipated correction quickly adopted. APE fell sharply, and in the entire of May, it has struggled to rise above $10. This weakness is ready to proceed as we finish the month.
APE has actually closed within the purple over the past three buying and selling classes. It was round 7% down in intraday buying and selling at the moment too. We anticipate this bearish trajectory to proceed and ultimately settle at $5. However, there’s nonetheless some threat that APE may lose $5 if sentiment available in the market turns into extra bearish within the close to time period.
If this occurs, we may see a decisive drop in the direction of $2. But bulls can nonetheless save APE from this downtrend in the event that they handle to push the worth above $7 earlier than the shut of buying and selling at the moment.
The long run outlook for APE
We don’t assume Apecoin will return to its $25 highs anytime quickly. In reality, most estimates present that the coin will probably settle at round $15 this yr. But earlier than this occurs, Ape traders will want to take care of doubtlessly devastating downtrends.
In reality, the opportunity of this coin bottoming at $2 is excessive. However, this additionally signifies that alternatives to purchase for long run traders will current themselves.
