APE Technical Analysis: Apecoin Rises Within Symmetrical Triangle
Table of contents
Key technical points:
Past Performance of APE
APE price action shows a long-coming downtrend under the insurance of a highly bearish trendline, accounting for a downfall of 68% to reach $3.15. However, the buyers quickly overtook the train control resulting in an ascending trendline and a price jump of 60% last week. The price action forms a symmetrical triangle pattern, and the reversal rally proposes the high bullish breakout possibility.
Source- Tradingview
APE Technical Analysis
The APE prices showcase a lack of bullish support due to the weakening trend in the intraday trading volume. Hence, traders hoping to ride the breakout rally must wait for the price action confirmation. The DMI indicator shows a high possibility of a bullish crossover as the bearish spread diminishes. However, the falling trend in the ADX line must take a bullish turnaround to support the breakout rally.
The RSI indicator shows a phenomenal increase in the underlying bullishness as the slope approaches the overbought boundary. Moreover, the 14-day SMA crosses above the halfway line to support the RSI slope. The MACD indicator shows a positive trend in the fast and slow lines struggling to sustain above the zero line, teasing a bearish crossover. Hence, the lines regaining the bearish alignment will restart the negative trend in the MACD histograms. In a nutshell, the APE price action analysis remains neutral, but the indicators maintain a bearish bias.
Upcoming Trend
The upcoming trend in APE prices will be highly bullish if it surpasses the resistance trendline resulting in a 40% jump to $7.50. However, the support trendline fallout will result in a downfall to $4.16.
Resistance Levels: $5.5 and $7.50
Support Levels: $4.16 and $3.5