Apecoin price is down 17% this week, while AVAX is showing bearish signs despite all the bulls’ moves. Tony Montpeirous, one of the FXStreet analysts, discussed why there may be more declines in these 2 altcoin projects, which have been very popular in the past months. Let’s look at the next technical levels, keeping in mind that the predictions are not precise.
AVAX continues to lose more amid altcoin market uncertainty
AVAX price suggests another downside move. The price is currently at $23, still within the initial selling range, which took place on May 9. The bulls made some attacks over the weekend, but the indicators are pointing to more bearish. Potential selling comes in turbulent times of the market. AVAX founder Emin Gün Sirer reported $60 million in losses from the LUNA collapse.
Avalanche is also showing bearish signals on its Volume Profile and Relative Strength Index (RSI). The bowl-like pattern on its chart could reflect a sell-off to the $21 levels. The RSI has a significant bearish divergence recently seen on the 4-hour chart. The current bullish move, when combined, could be fully retracted in the coming days.
Analyst Tony Montpeirous thinks a downtrend reversal will be confirmed above $32. If the bulls break past this level, the bullish thesis could be confirmed. The bulls can then target $56, which will mean a 100% increase from the current AVAX price.
ApeCoin price scatters as NFT tokens now qualify as a high-risk asset
BACY-backed ERC-20 token Apecoin (APE) has lost 17% since the weekend rally. The bulls have yet to make any strong moves shaping the chart, which warrants the notion that the smart coin is unwilling to negotiate at current price levels.
ApeCoin price is currently trading at $6.13. The volume profile indicator shows no change in the overall downtrend that started in early May. Altcoin investors may consider staying away from the APE price until the $5 target is reached. It’s worth noting that analysts predicted $2 targets in previous reviews of the popular NFT token, which sees ApeCoin as a high-risk asset until further notice.
invalidation of bearish thesis to be confirmed with a close above $7.50. If the bulls break above this level, the next target is $8.50, resulting in a 37% increase from the current ApeCoin price.
As I covered in the news on Kriptokoin.com, the Apecoin community is debating whether the APE token should stay in the Ethereum ecosystem. AIP-41 voting begins today, while the voting process for the proposal will end on June 8, 2022.
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