- APE price has failed to retest the triangle apex.
- ApeCoin price displays complete bearish control on larger time frames.
- Invalidation of the bearish thesis is a close above $12.
ApeCoin price could go range bound and produce further drops throught spring and summer. There may be better performing digital assets in the coming weeks to keep an eye on.
ApeCoin price signals the end of the bull run
ApeCoin price is signaling a disappointing statement as the bears have managed to establish a settling price below the triangle apex at $12. This is a classic technical analysis signal that all traders should be aware of. Historically, a settling price below a previous triangle apex has resulted in severe bear market conditions in several markets.
ApeCoin price could become a “Crypto underperformer,” yielding diminishing returns from here on out. Because the entire macrostructure was deemed corrective as an ABC pattern (with the triangle as wave B), it may take an equal time before another bullish structure reveals itself. ApeCoin price could begin forming a range within the current $8.00 to possibly $6.00 price level to substantiate the range-bound hypothesis. It is worth noting that the volume indicator shows bearish dominance since the initial sell-off occurred on April 27.
APE/USD 4-Day Chart
Invalidation of the bearish scenario is a breach and close above the triangle apex at $12. If this were to occur, ApeCoin price could truly surprise investors and make a new spring-time high towards $31, resulting in a 275% increase from the current APE price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market woes threaten bullish potential, XRP is undeterred
Bitcoin has reclaimed above $27,000, but increasing market volatility threatens the leg up. Ethereum faces critical resistance at $1,819 as investor sentiment suggests liquidity issues. Ripple reaches multi-month highs amid lawsuit-related optimism.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.