A popular metaverse coin, which has been the shining star of recent times, is at risk of falling by about 20 percent from its current price, according to some technical formations. As Kriptokoin.com, we have previously reported, this metaverse coin, which came to the agenda with a hacking event, continues to lose price. As Kriptokoin.com, we are transferring the details.
This metaverse coin fell after the hack
The hacker hacked BAYC’s official Instagram account to post a phishing link that pulled tokens from users’ cryptocurrency wallets. On April 25, the BAYC Twitter account confirmed the hack, but users transferred their tokens to the hacker’s account in the process. As a result of this incident, the extremely valuable Bored Ape, Mutant Ape and Bored Ape Kennel Project NFTs were stolen. In addition, according to Etherscan data, a total of 91 NFTs were stolen with the hack event.
OpenSea, the largest NFT market by volume and revenue, stolen NFT tagged them as suspicious. But still, the hacker managed to sell four BAYC collections for about $1.6 million. APE, which serves as a governance token for BAYC’s decentralized autonomous organization ApeCoin DAO, experienced a price drop of about 11 percent after the hack.
APE forms an ascending wedge
While the Metaverse coin price has fallen, it has also deviated from the up target of the dominant “symmetrical triangle” pattern around $25, as shown in the chart below. The correction confirmed the strong bearish sentiment around $20, which coincided with the 0.382 Fib line of the Fibonacci retracement chart and retraced from the $41 high to the $8.50 low. This opens up the possibility of extending the APE correction towards $16 in the medium term towards the 0.236 Fib line.
For metaverse coin APE, some patterns are showing even more negative signs. Looking at the chart, it appears that the APE has formed an “ascending wedge.” In detail, an ascending wedge is formed when price trends rise within a range defined by two contracting, ascending trendlines. These patterns are typically resolved after the price drops below the lower trendline along with an increase in trading volumes. ApeCoin has been forming a similar ascending wedge since April 2022, as shown in the chart below. The breakout target of an ascending wedge is measured after adding the maximum distance between the upper and lower trendlines to the breakout point. Therefore, APE’s downside target for Q2 seems likely to be between $14.37 and $17.50.
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