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Cryptocurrencies Price Prediction: ApeCoin, Cosmos & Solana — Asian Wrap 05 May

Cryptocurrencies Price Prediction: ApeCoin, Cosmos & Solana — Asian Wrap 05 May
FXStreet TeamFXStreet TeamFXStreet

Here's why ApeCoin price could retrace to 12

Apecoin price has disproportionate wave structure. One more drop could occur into $12. ApeCoin price has rallied 20% into today's high at $17.66. Despite the impressive countertrend rally, the overall downtrend looks disproportionate. The consolidations between each downslide are too similar to qualify as separate impulse waves.

ATOM must hold $18 as support to stop Cosmos from making new 2022 lows

ATOM price action has faced the same selling pressure seen across all risk-on instruments. Cosmos lost nearly 40% of its value from the beginning of April to the close of April, and that trend may continue. But extremes in the oscillators may hint at some reprieve coming soon. 

Solana price displays mixed signals as bulls breach $90

Solana price current uptrend move looks questionable. If $100 is not breached, traders should expect a $77 Solana price in the future. Solana price is displaying disproportionate price action. The current downtrend looks unbalanced compared to the previous sell-off from $140 to $100.

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