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.
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.