- APE price failed to retest the top of the triangle.
- ApeCoin price shows complete bearish control on longer timeframes.
- The invalidation of the bearish thesis is a close above $12.
The price of ApeCoin could go into a range and produce further lows in the spring and summer. There could be some better performing digital assets in the coming weeks to watch.
ApeCoin price signals end of bull run
ApeCoin price signals a disappointing statement as the bears managed to establish a stabilizing price below the triangle top at $12. This is a classic technical analysis signal that all traders should be aware of. Historically, a stabilizing price below a previous triangle top has resulted in severe bear market conditions in multiple markets.
ApeCoin’s price could turn into an “underperforming crypto”, producing diminishing returns from now on. Since the entire macro pattern was found to be corrective as an ABC pattern (with the triangle as wave B), it may take an equal amount of time before another bullish pattern is revealed. The price of ApeCoin might start forming a range within the current price level of $8.00 to possibly $6.00 to support the range bound hypothesis. It should be noted that the volume indicator is showing bearish dominance since the initial sell off that occurred on April 27th.
APE/USD 4-day chart
The invalidation of the downside scenario is a breach and close above the top of the triangle at $12. If this were to happen, the ApeCoin price could really surprise investors and reach a new spring high around $31, leading to a 275% increase from the current APE price.