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Bullish Divergence on APE Chart Suggests 25% Spike to $7.89

APE Chart

    • A bullish technical indicator has flashed on the 4-hour chart for ApeCoin.
    • On May 9, the price of ApeCoin (APE) dipped below $9.64, which was a long-standing support level for the coin.
    • APE’s price posted lower lows and higher lows – a sign that APE may see a short-term spike.

A bullish technical indicator has flashed on the 4-hour chart for ApeCoin. This could suggest that the price of ApeCoin will spike higher. Interested investors could take advantage of this opportunity for a quick scalping profit as APE gears up to retest the immediate resistance barrier.

On May 9, the price of ApeCoin (APE) dipped below $9.64, which was a long-standing support level for the coin. The dip was then followed by an attempt to overcome the aforementioned level. Unfortunately, the attempt failed and resulted in a 50% crash.

The price of APE, then, dropped to around $5.11 – a price that is only slightly above its listing price of $5.02. However, the price of APE set two lower lows on May 11 and May 12.

There now seems to be a sign of a short spike in the price of APE as the two lower lows were accompanied by a Relative Strength Index (RSI) that formed higher lows. This signals a bullish divergence.

Bullish divergence forms on APE’s 4-hour chart (Source: TradingView)
Bullish divergence forms on APE’s 4-hour chart (Source: TradingView)

The formation of a bullish divergence indicates that the bullish momentum is picking up while the price is declining, which is a scenario that more often than not is preceded by a spike in the value of the underlying asset. At the time of writing, this spike is already underway.

As things stand, the price of APE has already rallied around 23% from its May 11th low of $5.11. Investors can expect APE’s price to rise another 25%, given the formation of the bullish divergence. This 25% rise will see the price of APE reach $7.89.

Report: Terra Founder Do Kwon’s Spouse Seeks Police Protection After the LUNA and UST Fallout

Following the aftermath of the Terra blockchain tokens LUNA and UST losing significant value, reports indicate that the Terraform Labs founder Do Kwon’s apartment was visited by an unidentified person. Do Kwon’s spouse has requested protection from the Seongdong police in Seoul after the unknown person broke into the apartment building and rang the doorbell::Listen

Report: Terra Founder Do Kwon's Spouse Seeks Police Protection After the LUNA and UST Fallout

Following the aftermath of the Terra blockchain tokens LUNA and UST losing significant value, reports indicate that the Terraform Labs founder Do Kwon’s apartment was visited by an unidentified person. Do Kwon’s spouse has requested protection from the Seongdong police in Seoul after the unknown person broke into the apartment building and rang the doorbell asking for Kwon.

Unidentified Person Breaks Into Do Kwon’s Apartment Building Seeking Terra Founder’s Whereabouts, Kwon’s Spouse Seeks Help From Police

Not too long ago, on May 1, 2022, the Terra blockchain token LUNA was the eighth-largest market cap among 13,000+ cryptocurrencies in existence. LUNA’s market cap on that day was $28.3 billion and terrausd (UST) was two spots below LUNA with an $18.5 billion market valuation. Both crypto market caps combined on May 1, 2022, were around $46.8 billion in value and today, around 91% of that value has disappeared.

At the time of writing, UST’s and LUNA’s market cap combined equates to $3.9 billion in value. Terra’s fallout has caused a lot of pain among UST and LUNA investors and many have been very upset about how the situation was handled. Some investors lost their life savings and children’s college funds, and others managed to escape with a haircut in terms of losses. Social media and forums are filled with horrifying stories of people who are severely depressed over the Terra situation and losing funds.

Now, after a few days since the initial UST de-pegging incident, reports note that an unidentified person visited Do Kwon’s apartment building and rang the doorbell asking for the Terra founder. One local report explains that Do Kwon’s spouse was home and she asked the Seongdong police to designate an officer for emergency protection. The crypto publication Forkast also spoke with Seoul’s Seongdong-gu district police and confirmed the story.

The police report notes that the unidentified person rang the doorbell and Kwon’s spouse answered. “Is your husband in the apartment?” the unknown person said. The report said that while the Terra blockchain tokens were down in value, Do Kwon’s home was “exposed to unspecified investors.” Seongdong police also noted that they were investigating the situation further and “plan to review additional measures.”

What do you think about the unidentified person going to Do Kwon’s home and his spouse asking for police protection after the Terra blockchain implosion incident? Let us know what you think about this subject in the comments section below.

Bullish Divergence on APE Chart Suggests 25% Spike to $7.89

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