- CryptoBusy pointed out in their latest tweet that APE saw a big breakout to the downside over the past few days.
- At press time, APE was trading at $1.89 following a more than 11% price drop.
- Technicals suggested that APE was at risk of dropping to its listing price on Binance of $0.998.
The crypto analysis platform, CryptoBusy, shared on Twitter earlier today that Apecoin (APE) saw a big breakout to the downside over the past few days of trading. This came in response to one of their earlier tweets predicting that APE would experience a breakout, but it was still unsure in what direction the crypto’s price would move at the time.
In their tweet from Tuesday, CryptoBusy pointed out that APE’s price was nearing the apex of a descending price channel, and that the meme coin was very likely to experience a breakout. In the days that followed, this prediction materialized, and APE’s price started descending.
According to CoinMarketCap, the price of APE fell by more than 11% over the past 24 hours alone. This left the meme coin trading hands at $1.89 at press time. As a result, APE was trading much closer to its daily low of $1.96 than its daily high of $2.13.
The past few turbulent days also negatively impacted APE’s weekly performance as the crypto was down by about 17.62% over the past seven days. Meanwhile, APE’s 24-hour trading volume surged by more than 60% throughout the past day, which left it standing at around $86,187,377 at press time.
From a technical standpoint, the altcoin’s price was being forced downward by the 9-day EMA line. In addition to this, the technical indicator was positioned below the 20-day EMA line, which suggested that APE was in a short-term bearish trend and its price would continue to fall in the next 24-48 hours.
Should the crypto close today’s trading session below $1.909, then it will have no protection to prevent it from dropping to its listing price on Binance of $0.998 in the coming weeks. Conversely, if bulls identify APE’s current price as a good buy opportunity, then the crypto may recover to $2.8 in the next few days.
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