APE Could Rally Soon as It Breaks Out of Bearish Chart Pattern

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• APE’s November woes continue as its price drops another 6.36%.
• The price of APE is approaching the apex of a bearish daily chart pattern.
• News of Google (NASDAQ:GOOGL) accepting crypto for its cloud services may propel APE’s price.

Apecoin (APE) continues to have a challenging start to November as its chart is painted red daily. The last 30 days tell the tale of APE’s dismal start to the month as the token’s price is down by almost 15% over the last month, according to CoinMarketCap.

The native cryptocurrency of the Board Ape Yacht Club ecosystem that was launched on March 16, 2022, is currently changing hands at $4.32 at press time.

During the last 24 hours, the token’s price dropped 6.38% over the last 24 hours. As a result, APE is also down just over 9% over the last 7 days. Despite this, the newly-launched crypto is doing well and is currently ranked as the 38th biggest crypto project in terms of market cap. APE’s market cap currently stands at $1,325,006,408.

Furthermore, while APE is struggling at the moment, its technical indicators are pointing at a possible massive surge that could happen in the near future.

Daily chart for APE/USDT (Source: CoinMarketCap)

APE has been in a medium-term bearish descending triangle chart pattern that has seen its price drop to its current level. Its price did attempt to break out of the chart pattern several times but all of these attempts were unsuccessful. The latest attempt which looked to be a convincing move turned out to be a false move.

As APE’s price approaches the apex of the chart pattern, it will either result in APE entering into a rally. Whether or not this will be a bullish or bearish rally will be left to the market to decide. However, because of the latest news that Google will start accepting crypto for its cloud services offering, including APE, the price of APE could surge in the next few weeks.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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