Shiba Inu (SHIB) and Apecoin (APE) approached the support zones of technical formations that became evident in late March. SHIB price retests the median line of a parallel channel and Apecoin fluctuates within a triangle…
Apecoin may break all-time record
Apecoin (APE) multiple trends since its first major rally in March surprised analysts as it embarked on a change. Now, a triangle formation is forming, strengthening the upside price action. Major rallies often follow triangles, so catching the next APE price action can be very profitable. Analysts are predicting a potential 90% rise from the bottom of the triangle to the top of the triangle at the current price of $10.90. This was calculated based on the $26 peak of the APE price. Price discovery in the area in question could drive the FOMO craze even further.
Apecoin price has not yet decided which way the triangle will break. However, it is worth noting that the RSI has returned to the buyer zone on the 9-hour chart. Investors willing to take risks early can closely monitor invalidation levels, according to analysts. This symmetrical triangle will pass once Apecoin breaks $9.36. If the bears manage to break above $9.36, the price of Ape could drop 80% to $2.50, according to analysts.
Shiba Inu price fluctuates with hope
As for Shiba, the popular meme token is struggling to find support as bears push the price below a parallel channel. With the successful price action of the past month, traders may have pushed their stop levels below $0.0002176 as it pushed targets above $0.00003000. The breach of the parallel channel is significant because this is the first time the Shiba Inu price is trading below it. At the same time, SHIB price volume is also decreasing on the 12-hour chart. The Shiba Inu price may continue to decline as there are no signs of a bottom yet, according to analysts.
The only hope for a bullish reversal is where the RSI is positioned. Shiba price is within the limits of buyer level, but there is no differentiation yet. At this point, buying is just a speculative roll of the dice. The downtrend will be invalidated if the bulls establish price action above the median line within the parallel channel currently at $0.00002700. If this scenario happens, extended targets above $0.000030 will be back on the table and could result in a 20% increase from the current Shiba price.
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