Pennant Points to 7.4535 As the Next Target

The APE/USDT pair is up 3.18% today as the bulls aim to over­come Tuesday’s set­back and ful­fil bull­ish Apecoin price pre­dic­tions, which came into the mar­ket fol­low­ing Monday’s strong show­ing. The pair had risen 15.81% on Mon­day but stalled at the 7.4535 price mark. 

Per­haps the fun­da­men­tal trig­ger for price action is whales’ ongo­ing accu­mu­la­tion of the token ahead of the Ape Fest 2022 event. This event is sched­uled for 20 June, and atten­dance will require tick­ets which must be ver­i­fied via the Token­proof application. 

Token­proof is an authen­ti­ca­tion app which requires access via wal­lets that store two Apecoin NFTs. The part­ner­ship between Apecoin and Token­proof will enable the for­mer to issue tick­ets for the event and ver­i­fy own­er­ship of those tick­ets. WhaleStats indi­cates that whales on the Ethereum blockchain are turn­ing their atten­tion to NFT tokens. 

A recent pur­chase tracked by this cryp­to ana­lyt­ics plat­form was for $3m worth of Apecoins. The ongo­ing demand and accu­mu­la­tion ahead of Ape Fest 2022 has pushed Apecoin to the list of top 10 cryp­tos held by whales on the Ethereum blockchain. This may part­ly explain the recent price appre­ci­a­tion seen in the APE/USDT pair. 

Apecoin Price Prediction

The price action has bro­ken out of the pen­nant, but the result­ing intra­day uptick has stalled at the 7.0036 price mark. A fur­ther advance on the APE/USDT pair requires the bulls to uncap this bar­ri­er and the 7.4535 resis­tance (30 May high). This move com­pletes the pennant’s break­out move. How­ev­er, a price advance above 7.4535 opens the door toward the 8.3318 price mark (19–22 May highs). 9.4520 (11 May high) is the next tar­get in line for the bulls before 10.7140 (8 April low) comes into the picture. 

Con­verse­ly, rejec­tion at the 7.0036 resis­tance could enable the bears to ini­ti­ate a pull­back that tar­gets the 6.4031 price sup­port. Final­ly, 6.0211 (29 May low) rep­re­sents anoth­er poten­tial sup­port mark, and only when this sup­port is degrad­ed will 5.6659 enter the mix as a poten­tial har­vest point for the bears fur­ther south. 

APE/USDT: 4‑hr Chart