The price of ApeCoin is in perilous waters since it has risen 20% in the last week. Overconfident traders should be cognizant of the APE price’s macro outlook.
Apecoin Price Analysis
Following this week’s 20% comeback from the $0.10 lows, the ApeCoin price has delivered additional confluence of a symmetrical triangular pattern.
The price of ApeCoin is currently in a make-or-break situation, as symmetrical triangles can break in any direction. The altcoin is about to enter wave E, which has a history of deceiving traders.
The price of ApeCoin surged above and finished above the 38.2 percent Fibonacci barrier surrounding Wave C to D at $12.31, indicating that the rising momentum has yet to show any significant weakening.
The ApeCoin price is currently hovering at $12.66, close below the significant 50% Fib mark. The Relative Strength Index has not shown any signs of weakening in the upswing, and the volume profile has somewhat improved.
With all of these considerations in mind, traders should keep an eye on the APE price as it may continue to rise towards $13.46 and perhaps $14.30. The first sell signal, on the other hand, should be considered seriously. APE price uptrend’s safest invalidation is $10.66.
Analysts will look to short ApeCoin price to $6.00 if $10.66 is reached, resulting in a 50% drop from the current price.
Robinhood listing on the cards?
ApeCoin appears to be in a bullish position, as it has risen about 17% in two days to over $12.50, amid rumours that Robinhood, a popular retail brokerage firm, may list APE on its trading platform.
The rumors gained traction after Robinhood added Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency, to its trading platform on April 12, along with three other altcoins — Polygon (MATIC), Solana (SOL), and Compound (COMP), all of which saw intraday gains.
Robinhood, on the other hand, has not confirmed any plans to integrate ApeCoin into its services, raising the possibility that APE’s price improvements since April 1 are merely speculation.
Furthermore, the market’s breakout move out of the bull pennant was accompanied by reduced volumes, indicating a lack of upside conviction.
As a result, ApeCoin’s potential to invalidate its bull pennant setup cannot be ruled out as long as it breaks above a sequence of resistance levels, as shown in the chart below, with a steady rise in volumes.