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Can ApeCoin rise to $20 after Elon Musk trolls NFT holders

  • ApeCoin price is bouncing off the $14.43 support level, eyeing an upswing.
  • The upside seems capped at $19, but clearing this could send it back to $25.
  • A six-hour candlestick close below $12.28 will invalidate the bullish thesis.

ApeCoin price shows an interesting setup after Elon Musk’s take on NFTs. The Tesla CEO changed his profile to a collage of the Bored Ape Yacht Club (BAYC) NFT. This move from Musk alone pushed ApeCoin price up by 25%.

It follows the recent digital land sale from the Yuga Labs, the creators of BAYC and ApeCoin. These developments propelled APE to hit a new all-time high at $27.49, but Musk’s involvement also propelled the coin higher temporarily.

A few moments later, however, Musk tweeted, “I dunno … seems kinda fungible,” which caused ApeCoin price to tank due to the negative remarks regarding the NFT space.

ApeCoin price to provide buying opportunity

ApeCoin price created a stable range, extending from $9.64 to $14.43 in late March. Since then, APE has stayed loyal to these levels even after breaking out from them. As investors begin to book profits after the Otherside land sale, the retracements have bought the altcoin back to retest the $14.43 barrier.

After Musk’s intervention, there is a chance ApeCoin price will undergo another bullish retracement to $14.43, which will likely result in an explosive rally to $17.62. This move higher would constitute a 21% ascent.

A continuation of this momentum could extend the rally to the next and the most significant hurdle at $19.06. This climb, however, would amount to roughly a 30% gain from $14.43 and likely be where the upside is capped for APE.

APE/USDT 1-day chart

APE/USDT 1-day chart

While things are looking good for ApeCoin price, a breakdown of the $14.43 foothold will indicate a weakness among buyers. This downswing will invalidate the bullish thesis if APE produces a six-hour candlestick close below $12.28. This development will skew the odds in the bears’ favor and potentially trigger a crash to $9.64.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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