Here’s how ApeCoin plans to recover losses and rally 80%

ApeCoin price has returned to where it was roughly five days ago and has followed Bitcoin’s recent downswing to arrive here. The pullback was a bullish retracement for the big crypto and the same can be said for APE, which shows massive rally potential.

ApeCoin price and bottom reversal pattern

ApeCoin price bounced off the $5.93 support level on May 27 after a brief period of consolidation. This run-up propelled APE by 25%, causing it to sweep the $7.19 hurdle briefly. However, the bulls failed to keep up the momentum, resulting in a top formation.

Due to Bitcoin’s downswing, ApeCoin price followed its lead, retesting the $5.93 support level where it currently trades. While this retracement might seem bearish, there is a possibility APE forms a triple bottom aka Triple Tap setup.

This technical formation requires a dip below the $5.93 barrier, followed by a quick recovery above the initially formed range low at $5.93. The final touch will arrive as ApeCoin price retraces lower to retest the formed low, completing the setup.

The resulting upswing will likely propel ApeCoin price to the 100 four-hour and 200 four-hour moving averages at $7.31 and $9.37, respectively. In a highly bullish case, this move could extend to the next hurdle at $10.68, bringing the total gain to 80%.

APE/USDT 4-hour chart

Regardless of the bullishness seen in ApeCoin price, if Bitcoin price continues to tank, altcoins will follow suit en masse. In such a case, if APE produces a four-hour candlestick close below the $5.02 support level, it will invalidate the bullish thesis.

This development will push ApeCoin price into a price discovery phase.