ApeCoin Price Prediction: A breach of the summer lows is a likely outcome

ApeCoin Price Prediction A breach of the summer lows is a likely outcome
ApeCoin Price Prediction A breach of the summer lows is a likely outcome

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

Quick Take

  • ApeCoin price is struggling to hurdle the recently crossed 8-day exponential and 21-day simple moving averages.
  • APE price fell beyond boundaries of support on the Relative Strength Index during the last decline.
  • Invalidation of the bearish outlook can occur if the bulls reconquer the $6.15 price.

ApeCoin price is facing significant resistance during the first week of October. A sweep-the-lows event is likely to occur if market conditions persist. 

ApeCoin price could fall soon

Apecoin is finding itself in a tough predicament. The bulls are finding significant resistance near the mid $5.00 region. A death cross of the 8-day exponential and 21-day simple moving averages has occurred, and the APE price has yet to hurdle the indicators. 

ApeCoin price currently auctions at $5.23, The Relative Strength Index (RSI) lost support on the last 50% decline that occurred between August and September. The breach into oversold territory may be a demonstration of what lies ahead for the Ethereum-based NFT token. ApeCoin price now wedges between the boundaries that deem the current countertrend move as just a correction instead of the start of a larger rally. If the bulls fail to break out from here, a sweep-the-lows event targeting the $4.00 swing lows in June will be a likely outcome.

APE/USDT 1-Day Chart
APE/USDT 1-Day Chart

Invalidation of the bearish outlook can occur if the bulls reconquer the $6.50 barrier. A rise towards the August high at $7.50 could be catalyzed in doing so. Said price action would result in a 44% increase from the current ApeCoin price. 

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.