Apecoin price analysis: Bullish rally drives APE/USD prices to $7.49

Apecoin price analysis shows a bullish trend as the coin has recovered from its intraday low of $7.06 to reach a new high at $7.71. However, this level has acted as resistance for APE and prices have pulled back below $7.50.

Timeline of Apecoin-ape

The Avalanche blockchain has approached the ApeCoin community with a proposal to launch its metaverse, Otherside, on an Avalanche subnet. In a proposal on ApeCoin's governance forums, Avalanche  asked the community to consider building Otherside on a subnet instead of Ethereum.

The recent downtrend took a breather at the $5.17 mark and witnessed a consolidation phase coiling the price between the $9.7 and $5.17 support. The Apecoin(APE) revealed a symmetrical triangle pattern in response to this consolidation, putting a recovery opportunity on the cards.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Since 1 May, ApeCoin (APE) has seen a vigorous selling spree entailing a series of red candles that pulled the alt toward the $5.1-baseline. Then, after resonating with its peer altcoins, APE saw a lift-off

Apecoin price analysis indicates that the bulls have taken control as prices hit highs of $8.60. There is a growing positive sentiment in the market, with the support seen at $7.91 and the resistance at $8.86.

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin faced some resistance at the $30.8k level as it formed a hidden bearish divergence with a momentum indicator on a higher timeframe, and the price of BTC slipped beneath the $30k mark once again.

The price is going high according to the hourly and daily Apecoin price analysis. This is because the bulls have managed to escape through the bearish pressure, and green candlesticks have returned to the price charts.

Fighting off the negative sentiment across the crypto market, the Apecoin(APE) price soared 37.69% on the intraday level. This sudden price released the trapped bullish momentum from the two-weeks old falling wedge pattern.

ApeCoin APE/USD has weakened from $27.62  to $5.16 since April 28, 2022, and the current price stands at $8.54. The risk of further decline still persists, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high. ApeCoin can be used without centralized The post Is ApeCoin a good buy in May 2022? appeared first on Invezz.