- APE price consolidates within the lower half of the $6 range.
- ApeCoin price shows bulls are uninterested on the Volume Profile Indicator.
- Invalidation of the bearish downtrend lies at $7.
ApeCoin price could be signaling a catalyst in the making as the bulls avoid engaging with the Ethereum-based NFT token.
ApeCoin price readies for $5
ApeCoin price is likely to experience a “sweep-the-lows” event in the coming days as the bulls are holding the price within the lower boundary of the $6 zone. The consolidation could be signaling smart money’s plan to grab liquidity under the May 12 lows at $5.11.
ApeCoin price confounds the idea of an upcoming sell-off on the Volume Profile Indicator. The bulls have yet to step in and defend the price on the indicator, which justifies the current downturn and sideways price action.
APE/USDT 12-Hour Chart
Invalidation for the bearish thesis lies at $7. If the bulls can breach this level, a rally towards $14 could occur, which would result in a 100% increase from the current ApeCoin price.
