Metaverse coin project ApeCoin (APE) price upside setup amid rumors that Robinhood may list ApeCoin. Crypto analyst Yashu Gola predicts that APE’s market cap could grow by around 250% in the second quarter of 2022 as it breaks out of a widely followed, classical technical pattern.
“Metaverse coin price continues bullish pennant”
On April 13, the price of APE broke above the upper trendline, which appears to be a ‘bullish pennant’ chart pattern, according to the analyst. Bullish pennants occur when price converges within a triangle-like structure after a strong uptrend. Many traditional analysts consider these continuation patterns because they typically result in price breaking in the direction of the previous trend.
As a rule, traders predict the upside target of a bull pennant by measuring the size of the previous uptrend t called the ‘flagpole’ and adding it to the breakout point. The analyst says that when the same is applied to the continued breakout action of the APE, it shows huge bullish potential.
APE daily price chart with ‘bullish pennant’ setup / Source: TradingView Therefore, according to the analyst, if the bull pennant structure turns out as intended, the APE will be around 40 percent in the second quarter of 2022. could rise to the dollar.
Robinhood listing?
The bullish pattern for the Metaverse coin appears to be rising nearly 17% in two days to above $12.50 amid speculation that Robinhood, a popular retail brokerage firm, will list APE on its trading platform.
As we reported on Cryptokoin.com, the rumors gained momentum after Robinhood added Shiba Inu (SHIB) on April 12 along with Polygon (MATIC), Solana (SOL) and Compound (COMP)).
However, Robinhood did not confirm the rumor and announced that APE will be released from April 1st. has since hinted that the price increases may have been due solely to speculation. In addition, the analyst reminds that the exit from the bull pennant is accompanied by lower volumes, indicating that there is no upside sentiment in the market
APE daily price chart with Fibonacci support/resistance levels / Source: TradingView , APE now sees $13 as the next upside target while holding $11.50 as temporary support. However, the analyst states that a break below the said price floor could take ApeCoin to $10.25.
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