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

ApeCoin’s (APE) market valuation might develop by practically 250% within the second quarter of 2022 because it breaks out of a widely-tracked, basic technical sample.

APE worth “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.

Nonetheless, Robinhood didn’t verify any plans to combine ApeCoin into its companies, hinting that APE’s worth good points since April 1 may need resulted from mere hypothesis. Moreover, its breakout transfer out of the bull pennant accompanied decrease volumes, suggesting an absence of upside conviction available in the market.

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Because of this, ApeCoin’s potential to invalidate its bull pennant setup can’t be dominated out so long as it breaks above a sequence of resistance ranges, as proven within the chart under, with a gradual rise in volumes.

APE/USD day by day worth chart that includes Fibonacci help/resistance ranges. Supply: TradingView

For example, APE now eyes $13 as its subsequent upside goal whereas holding $11.50 as its interim help. Nonetheless, a break under the stated worth flooring might have ApeCoin eye $10.25 as its subsequent draw back goal.

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