• APE price has breached a parallel channel.
  • ApeCoin price has printed three sets of impulsive waves down.
  • Invalidation of the bullish thesis is below $5.76.

The NFT-inspired token price could continue advancing as the technicals hint at a potential bottom.

ApeCoin price shows bullish signals

The ERC-20 governance and utility token may have printed a subtle bottoming pattern this weekend as the price has breached a parallel trend channel. The descending channel has been a key ingredient set to propel the APE coin price into the $2.00 zone. However, now that the channel has been breached, the likelihood of more downtrend price action is beginning to fade.  

ApeCoin price is now trading at $6.88. Although APE price now trades 65% below the triangle apex, being an early buyer could be worth taking the risk. Over the weekend, the Ethereum -based NFT token saw a subtle 5-wave down pattern which is commonly referred to as the final leg before a secure bottom is established. When combined, ApeCoin price could display a very impulsive bullish price action in the near future.

TM/APE/5.30.22

APE/USDT 4-Hour chart.

The invalidation for investors looking to take an early position will be a breach below the swing low at $5.76. If the bears can break through this support level, the ApeCoin price could continue falling towards $2.00, resulting in a 70% decrease from the current ApeCoin 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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Polygon’s environmental conservation reaches oceans

Polygon’s environmental conservation reaches oceans

The crypto industry has been in the crosshair of many environmentalists as the process of transaction verification and block generation tend to be power-consuming. MATIC continues to tread below the uptrend support line.

More Cryptocurrencies news

Why the MATIC price could fall toward $0.60 in October

Why the MATIC price could fall toward $0.60 in October

MATIC price has rallied 20% since the middle of September. Polygon price faces significant resistance near the upper bounds of a descending trend channel. Invalidation of the bearish thesis is a breach above $1.05.

More Polygon news

XRP price is setting up for a sharp decline toward $0.40, here's why

XRP price is setting up for a sharp decline toward $0.40, here's why

XRP price could witness a sell-off into the mid $0.40 levels if the bulls hurdle through the $0.50 barrier. XRP's failure to maintain momentum over the $0.50 threshold may result in Ripples' demise. Invalidation of the bearish thesis is a breach above $0.51.

More Ripple news

MakerDAO allocates $500 million in DAI toward US Treasuries and Corporate Bonds

MakerDAO allocates $500 million in DAI toward US Treasuries and Corporate Bonds

Partnering with Monetalis, MakerDAO will be using its stablecoin reserves to invest in US Treasuries and corporate bonds. $1 million has been set for the pilot transaction, following which the debt ceiling will rise to $250 million and $500 million.

More Cryptocurrencies news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP