- ApeCoin price is bouncing off the $14.43 support level, eyeing an upswing.
- The upside seems capped at $19, but clearing this could send it back to $25.
- A six-hour candlestick close below $12.28 will invalidate the bullish thesis.
ApeCoin price shows an interesting setup after Elon Musk’s take on NFTs. The Tesla CEO changed his profile to a collage of the Bored Ape Yacht Club (BAYC) NFT. This move from Musk alone pushed ApeCoin price up by 25%.
It follows the recent digital land sale from the Yuga Labs, the creators of BAYC and ApeCoin. These developments propelled APE to hit a new all-time high at $27.49, but Musk’s involvement also propelled the coin higher temporarily.
A few moments later, however, Musk tweeted, “I dunno … seems kinda fungible,” which caused ApeCoin price to tank due to the negative remarks regarding the NFT space.
I dunno … seems kinda fungible
— Elon Musk (@elonmusk) May 4, 2022
