APE Technical Analysis: Adamant EMA Contains Bullish Growth

Key technical points:

Past Performance of APE

On April 10th, the APE coin price delivered a massive breakout of the descending channel pattern, symbolizing the upcoming bullish fate. However, the coin price pivoted from the $12.3 resistance, failing to sustain above the 100-day period EMA to retest the bullish breakout. Repeating the not so ancient history, the trend reverts from the 100-period EMA with an evening star pattern.

Source-Tradingview

APE Technical Analysis 

The APE coin prices glimpsed notable bearish rejections in the past two days, which halted the bullish recovery. Hence, the price fails to sustain above the $12 mark, and if the bulls manage to do so, a bright buying signal will be illuminated.

The prices trade below the bearish aligned 50 and 20-period EMA of the 4-hour chart symbolizing a bearish trend in action. 

RSI Indicator: The RSI slope forms a smaller peak formation as the price faces earlier rejection at the $12 mark. Hence, the indicator projects a massive supply available at the psychological barrier.

MACD Indicator: The bullish trend in the MACD and signal lines continues to reach zero. However, the fast line faces rejection at the neutral line exemplifying a decrease in the bullish spread. 

In a nutshell, the APE technical analysis conveys a high likelihood of a bearish continuation below the $10.5 support level.

Upcoming Trend 

APE coin price must sustain above the $10.5 mark to maintain the possibility of a bullish reversal and avoid a bearish retracement to the $9.65 mark. On the opposite end, closing above the $12.30 mark will increase the likelihood of a price jump to the $14 mark.

Support Levels: $10.5 and $9.65

Resistance Levels: $12.30 and $14