ApeCoin price could wipe out all of July’s gains if this level is breached

• ApeCoin price is denied access to the $5 barrier from the 8-day simple moving average.
• APE price shows bulls’ lack of interest in the Volume Profile Indicator
• Invalidation of the bearish thesis is a breach above $5.20

Apecoin price shows bearish signals to the end of July. A sweep the lows event targeting $4.42 is in the cards

ApeCoin price faces resistance

Since August 1, the APE price has lost 37% of its market value. In recent trading hours, the ApeCoin price was rejected at the $5 zone from the 8-day simple moving average. The SMA’s denial of entrance to prices higher prompts the idea that buyers want a better discount. 

ApecCoin price currently auctions at $4.84. The Volume Profile Indicator is relatively sparse during today’s trading hours, reaffirming the bearish idea. A breach of the $4.70 barrier could induce sidelined investors to jump in for a quick short, targeting the July 15 swing low at $4.42. Such a decline would result in a further 11% decline from the current ApeCoin price.

APE/USDT 4-Hour Chart

Traders looking to join the bearish onslaught should wait for $4.70 to get breached while keeping an invalidation at $5.20. Keep in mind that if the $5.20 barrier is breached, the bulls could continue rallying higher towards $5.75, resulting in a 20% increase from the current ApeCoin price.

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