Inflation risks grapple the newly-launched ApeCoin as it paints a classic bearish reversal pattern.
A euphoric price rally by ApeCoin (APE) seen in mid-March appears to be exhausted already thanks to the coin’s 70% drop in valuation in the past two weeks — and it may fall further in April.At the core of this bearish outlook is a rising wedge, a technical pattern that forms as the price consolidates upward inside a range defined by two converging ascending trendlines. In a perfect scenario, rising wedges resolve into a bearish breakout, confirmed by a decisive drop below the lower trendline that typically takes the price as low as the maximum wedge’s height.ApeCoin has been painting a very similar pattern since March 18, as shown in the chart below. The coin recently broke below its rising wedge’s lower trendline, bringing itself in proximity with the setup’s theoretical price target near $9, about 30% lower than today’s pr
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