ApeCoin price inches towards mayhem as bears aim to conquer the $5.00 terrain

ApeCoin price has a decision to maket

ApeCoin price shows newfound bearish pressure as the bulls have successfully breached the $5 zone. Following the controversial US CPI report, the APE price has lost 16% of its market value. On smaller time frames, the Ethereum-based NFT token tests the 8-day exponential moving average for support while the 21-day simple moving average hovers just below price action at $4.86. 

ApeCoin price currently auctions at $4.97. If the two moving averages cannot provide support, market conditions could turn catastrophic for the APE community. The Volume Profile Indicator confounds the idea that a decline could occur as the influx of volume amidst the CPI selloff is larger than the prior uptrend rally. 

APE USDT 2-Day Chart 

Combining these factors, a sweep the lows event targeting the September 7 low at $4.16 remains possible. Invalidation of the bearish thesis could occur, however, if the bulls find support near the current price zone and establish a close above the previous order blocks near $5.30. If this bullish event occurs, APE price could rally towards $6.00, resulting in a 20% increase from the current market value.

In the following video, our analysts deep dive into the price action of Apecoin, analyzing key levels of interest in the market. -FXStreet Team