ApeCoin (APE) went through a modest selloff each day after the Bored Ape Yacht Club (BAYC), a well known nonfungible token (NFT) brand, reported losing $2.4 million price of digital collectibles inside a robbery.
APE cost rally to $25 stalls
The hacker compromised BAYC’s official Instagram account, utilizing it to publish a phishing link that withdrew tokens from users’ cryptocurrency wallets.
On April 25, the BAYC Twitter handle confirmed the hack, although far too late as users had already transferred tokens towards the hacker’s account, thus losing possession of the very costly Bored Ape, Mutant Ape and Bored Ape Kennel Project NFTs.
— awesome guy moon (@MoonOverlord) April 25, 2022
OpenSea, the greatest NFT marketplace by volume and earnings, tagged the stolen NFTs as suspicious. But then, the hacker wound up selling four BAYC collectibles for around $1.six million.
APE, which works as a governance token to BAYC’s decentralized autonomous organization ApeCoin DAO, came by nearly 11% to $17.41 this April 26.
Because it fell, the token also deviated in the upside target of their prevailing “symmetrical triangular” pattern around $25, as proven within the chart below.
The correction confirmed strong bearish sentiments around $20, an amount that coincides using the .382 Fib type of the Fibonacci retracement graph, attracted in the $41-swing high towards the $8.50-swing low. This elevated the potential of APE extending its correction toward the .236 Fib line near $16 within the medium term.
Rising wedge risks further APE selloff
More downside cues within the ApeCoin made an appearance by means of a “rising wedge” pattern.
At length, rising wedges form once the cost trends greater in the range based on two contracting, climbing trendlines. These patterns typically resolve following the cost breaks underneath the lower trendline alongside a boost in buying and selling volumes.
ApeCoin continues to be developing an identical climbing structure since April 2022, as proven within the chart below.
An increasing wedge’s breakdown target is measured after adding the utmost distance between your lower and upper trendlines towards the breakout point. Therefore, APE’s downside target for Q2 is between $14.37 and $17.50.
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