ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch

ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows. When these points are connected, the lines converge as they are extended, and the symmetrical triangle takes shape. It is wide at the beginning and narrows over time. The direction of the next major move could be determined after a valid breakout.

ApeCoin price at crossroads

ApeCoin price is trapped within a neutral formation and is trading around $4.068 at the time of writing. An increase in buying pressure from current levels could see the altcoin break out of the upper boundary of the governing pattern. If this happens, the price could soar 100% to tag the bullish target at the $8.3000 resistance level.  

Given the onset of the alt season, the upswing for ApeCoin price is doable, where investing in altcoins provides better returns than Bitcoin or Ethereum. To hit the target, APE must break above the upper boundary of the chart pattern to confront the 50- and 100-day Exponential Moving Averages (EMAs) at $4.709 and $4.774, respectively.

A break above the two slower-moving EMAs could set the ApeCoin price to fight the $4.994 resistance level because of a confrontation with the 200-day EMA at $5.220. In a highly bullish case, the altcoin could shatter the $6.000 barrier before a leg up to its bullish target at $8.300. This move would denote a 100% ascent from current levels.

Notably, this target for ApeCoin price is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.

APE/USDT 1-day chart

Conversely, if bears take the day, ApeCoin price could break below the lower boundary of the governing pattern and confront the $3.557 support level before tagging the $2.993 support level. In extreme cases, APE could descend 100% to its bearish target.