The ApeCoin (APE) price has failed in several attempts to break out above the $1.50 resistance area since November.
After reaching a high of $1.59 yesterday, APE fell below the area again today. Will the price eventually break out?
ApeCoin Sees Parabolic Increase
The ApeCoin price has increased since falling to a new all-time low of $1 on October 9. The increase has followed a parabolic ascending support trend line, most recently validated on November 18 (green icon).
After the validation, the APE price bounced considerably and broke out from the $1.35 horizontal resistance area. This led to a high of $1.56 today.
Despite the breakout, APE did not close above the $1.50 resistance. Rather, it created a long upper wick (red icon). This is the third such wick created inside this resistance area.
Binance Japan announced that it will list 13 new tokens on November 17, and ApeCoin will be amongst them.
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What Do the Analysts Say?
Due to the ongoing increase, cryptocurrency traders and analysts on X have a bullish outlook for the future APE price trend.
Sheldon_Sniper believes that the increase will accelerate even further due to a breakout from a long-term descending resistance trend line. He tweeted that:
mega explosion coming soon I’ve been building in this green zone which I don’t think we will be in for much longer
Tyrion Trades has a similarly bullish outlook for APE, suggesting that the ApeCoin price will move above $2. He uses horizontal levels to determine that the APE price will break out and accelerate its increase.
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APE Price Prediction: How Long Will Increase Continue?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
The most likely count indicates that APE began a five-wave upward movement after its all-time low (white). If the count is correct, the price is now in the third wave of this increase. The sub-wave count is given in black.
If the count is correct, APE will accelerate its increase and close above $1.50 soon. The most likely target for the top of the next ApeCoin price movement is at $2.30, created by giving waves one and three a 1:1.61 ratio.
This would be an increase of 55%, measuring from the current price.
Despite this bullish APE price prediction, a decrease below the wave two low of $1.27 (red) will invalidate the positive forecast. In that case, APE could fall by 25% to $1.10.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.