$APE bottom in? APE CHAIN?
Updated
The next NFT frontier for the apes, APE CHAIN.
Could
APE launch itself to compete w/ 
BNB? It all depends on how heavily invested/serious they are in building an actual metaverse to reality. Looking at the founders of the coin, how APE is now a payment currency on open sea, and how most metaverse projects are having trouble launching, I’m afraid APE is a buy the rumor, sell the news type of coin for now.
Would recommend getting on ape now at ~$17
Long based on speculation that other people will ape their $ to fund a potential leading metaverse project. Whether or not it delivers is irrelevant to making a profit given the strong community in the NFT space.
More on the technicals:
APE looks like it might bottom out here around $17 from a bull div on the 2HR and moving away from a state of mean reversion since the high of $27. The BBWP indicator has yet to confirm the end of the volatile move but I speculate it will give consolidation soon as more APEs pause redeeming land deeds as they get sold out or wait for gas fees to come down to more reasonable levels. Once we get a rally, expect resistance at ~$20
The key points of confluence for the bottom:
The token distribution looks fair, though I would remain cautious of any possible scam wicks given how normie-friendly this coin is. If we break the $16.6 low, there is a 50/50 chance of visiting the white trend line at ~$12.
Trade:
Long
Entry: $17.5
TP: $20, $24, $34, Delivery of Metaverse Project
SL: $15
Could
APE launch itself to compete w/ BNB? It all depends on how heavily invested/serious they are in building an actual metaverse to reality. Looking at the founders of the coin, how APE is now a payment currency on open sea, and how most metaverse projects are having trouble launching, I’m afraid APE is a buy the rumor, sell the news type of coin for now.Would recommend getting on ape now at ~$17
Long based on speculation that other people will ape their $ to fund a potential leading metaverse project. Whether or not it delivers is irrelevant to making a profit given the strong community in the NFT space.
More on the technicals:
APE looks like it might bottom out here around $17 from a bull div on the 2HR and moving away from a state of mean reversion since the high of $27. The BBWP indicator has yet to confirm the end of the volatile move but I speculate it will give consolidation soon as more APEs pause redeeming land deeds as they get sold out or wait for gas fees to come down to more reasonable levels. Once we get a rally, expect resistance at ~$20The key points of confluence for the bottom:
- Wave 3 PoC
- 0.5 fib retracement of Wave 3
- 1.272 fib extension of Wave C of ABC pattern on Wave 4
The token distribution looks fair, though I would remain cautious of any possible scam wicks given how normie-friendly this coin is. If we break the $16.6 low, there is a 50/50 chance of visiting the white trend line at ~$12.
Trade:
Long
Entry: $17.5
TP: $20, $24, $34, Delivery of Metaverse Project
SL: $15
Note
Interesting read on the smart contract to mint the land deed.Trade closed: stop reached
There was heavy shorting between ~$16-$17.ES_F/SPX might bounce to give some hope for the bulls around $14.5 low, but even at these levels more shorts are pilling in, I think we're headed for $12.
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