ApeCoin price could rally to $20, but traders should be cautious
- ApeCoin price has validated the bullish macro thesis.
- APE price has an extended Wave 3.
- Invalidation is a breach below $14.45.
ApeCoin price has confirmed a long-term uptrend bias. Traders should analyze the asset to find the best entry points.
APE price says "be careful"
ApeCoin price has validated the more significant Macro thesis written during March. The APE price has broken out from the symmetrical triangle and now has a larger macro target at $27. Apecoin currently trades at $1=.69 and appears to be consolidating in a wave 4 triangle. It is worth noting that the current rally is only a larger wave 1 of the unfolding C wave impulse. The wave 5 targets are $18 and $20.
APE price will either rally towards $18 and possibly $20 for up to a 20% increase, or truncate since the 3rd wave is extended. The majority of this first wave has already been actualized. Therefore, it is best to wait for a pullback as wave 2 corrections commonly have very deep pullbacks.
APE/USDT 3-Hour Chart
For traders looking to scalp the market, invalidation of the current uptrend move towards $18 is a breach of $14.45. If APE price breaches the consolidation low at $14.45, a longer-term correction could occur towards $13 and $11.5, resulting in a 30% decrease from the current ApeCoin price.
Author
FXStreet Team
FXStreet
