Key Takeaways:
- APE trades within a bullish ‘falling wedge’ formation.
- The short-term target stands at a 30% uptrend.
- ApeCoin’s dependency on Bitcoin wanes.
YEREVAN (CoinChapter.com) — ApeCoin (APE) token price jumped 4% to $1.15 on Sep. 8 alongside trading volume. And it appears the coin could rise another 30% by Q3/2023 and 120% by year’s end, owing to several technical setups.
ApeCoin Falling Wedge Sees 120% Price Rally
A falling wedge is a bullish reversal setup characterized by two descending, converging trendlines. It typically resolves after the price breaks above the upper trendline and grows by as much as the wedge’s maximum height.
ApeCoin has traded within the ‘falling wedge’ since early June but has yet to confirm the formation. If APE price breaks to the upside, the bullish push could take the token to $2.56, or 120% higher than the current value in 2023.
Meanwhile, even if APE continues trading inside the wedge range, it can attempt a short-term upside toward the setup’s upper trendline near $1.52. Simply put, a 30% price rally looks feasible in Q3/2023, partly due to ApeCoin’s oversold relative strength index (RSI).
Mixed On-Chain Signals Sour ApeCoin Bullish Technicals
According to on-chain data provider Santiment, ApeCoin added 13,000 users quarter-to-date, which indicates a growing demand. Conversely, the APE token supply on exchanges has grown from 2.7% to 4.4% in the same period, suggesting an impending selloff.
Notably, the ApeCoin team announced seven APE Improvement Proposals (AIP) for a vote on Sep 14, which could propel the buying incentive.
