- ApeCoin price shows a falling wedge formation, suggesting a bullish outlook.
- A successful breakout could result in a move to $5.54 but could extend to $6.02 if momentum persists.
- A daily candlestick close below $4.28 will invalidate the bullish thesis for APE.
ApeCoin price has been on a massive downtrend as most altcoins have in the last month. However, APE seems to be coiling up to trigger a massive and explosive recovery rally.
ApeCoin price poised for breakout
ApeCoin price has formed a falling wedge, consisting of lower highs and lower lows over the last two days. This technical formation contains a string of lower highs and lower lows connected using trend lines.
The setup forecasts an 11% upswing to $5.12, determined by measuring the distance between the first swing high and swing low to the breakout point. Although ApeCoin price has not broken out yet, investors can assume it wil occur around the $4.56 level.
However, falling wedge targets often reach the pattern's peak, indicating that APE could rise from $4.56 to $5.54. This move would constitute a 22% upswing and is likely where a local top could form.
Conservative traders could book profits here and be done with it. But the imbalance, aka Fair Value Gap (FVG) present at $6, could be the ultimate target as ApeCoin price breaks out of the bullish reversal formation.
APE/USDT 12-hour chart
On the other hand, if ApeCoin price fails to break out from the falling wedge formation but instead slides lower, it will indicate buyers’ weakness. If APE produces a daily candlestick close below the $4.28 stable support level, it will create a lower low and invalidate the bullish thesis.
This development could see ApeCoin price crash to $3.93 in search of a stable support level.
The video attached below talks about Bitcoin price and its potential outlooks which could influence 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.
Follow us on Telegram
Stay updated of all the news
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.