ApeCoin eyes 250% rally amid ‘bull pennant’ breakout, Robinhood APE list rumors

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Achieve grant the newest intelligence along with day-to-day carry on crypto foreign money buying and selling along side provide target audience an coming near near hooked on what prematurely. Plus in the case of ApeCoin eyes 250% rally amid ‘bull pennant’ breakout, Robinhood APE list rumors.

ApeCoin’s (APE) marketplace valuation may just develop by way of just about 250% in the second one quarter of 2022 because it breaks out of a widely-tracked, vintage technical development.

APE value “bull pennant” breakout underway

On April 13, APE’s price broke above the upper trendline of what appears to be a “bull pennant” chart pattern.

Bull pennants appear when the price consolidates inside a triangle-like structure following a strong uptrend. Many traditional analysts consider them as continuation patterns, for they typically result in the price breaking out in the direction of its previous trend.

As a rule, traders estimate a bull pennant’s upside target by measuring the size of the previous uptrend, called t”flagpole,” and adding it to the breakout point. Applying the same to ApeCoin’s ongoing breakout move shows its potential for massive upside. 

APE/USD daily price chart featuring ‘bull pennant’ setup. Source: TradingView

Therefore, if the bull pennant structure pans out as intended, APE could rise to nearly $40 in Q2/2022.

Robinhood listing?

The bullish setup for ApeCoin appears as it rebounds by nearly 17% to over $12.50 in two days, amid speculations that Robinhood, a popular retail brokerage firm, would list APE on its trading platform.

The rumors picked up momentum after Robinhood added Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, alongside three other altcoins — Polygon (MATIC), Solana (SOL), and Compound (COMP) — for trading on April 12, leading to intraday gains across each asset.

Then again, Robinhood didn’t verify any plans to combine ApeCoin into its services and products, hinting that APE’s value beneficial properties since April 1 would possibly have resulted from mere hypothesis. Moreover, its breakout transfer out of the bull pennant accompanied decrease volumes, suggesting a loss of upside conviction out there.

Comparable: Is the surge in OpenSea quantity and blue-chip NFT gross sales an early signal of an NFT bull marketplace?

In consequence, ApeCoin’s possible to invalidate its bull pennant setup can’t be dominated out so long as it breaks above a series of resistance ranges, as proven within the chart under, with a gentle upward thrust in volumes.

APE/USD day-to-day value chart that includes Fibonacci toughen/resistance ranges. Supply: TradingView

As an example, APE now eyes $13 as its subsequent upside goal whilst preserving $11.50 as its intervening time toughen. Nevertheless, a spoil under the stated value ground can have ApeCoin eye $10.25 as its subsequent drawback goal.

The perspectives and critiques expressed listed here are only the ones of the creator and don’t essentially replicate the perspectives of Cointelegraph.com. Each funding and buying and selling transfer comes to possibility, you must habits your personal analysis when you decide.