APE Technical Analysis: Ascending Triangle Schemes Bullish Revival 

Key technical points:

Past Performance of APE

As mentioned in our previous analysis, APE prices surpassed the resistance trendline (marked blue) on 12th May and within hours, we saw a post-retest reversal reaching $10. However, the breakout remained a dream as the sellers at $10 remained invincible during multiple bullish attempts. But the underlying bullish nature is getting stronger, evidenced by the higher low formation formations generating a support trendline (marked green).

Source-Tradingview

APE Technical Analysis 

The bullish reversal in APE prices is supported by a trendline, which forms an ascending triangle pattern with the overhead resistance at $10. However, the 50-period EMA coincides with the overhead resistance to increase the bearish pressure. 

On the other hand, the bearish alignment of the falling crucial – 50, 100, and 200-days EMAs, reflect an increased number of solid overhanging resistances ready to suppress bulls. 

The sharp reversal in RSI values from the oversold territory discharges near the halfway line resulting in a sideways trend. However, the bullish crossover of the DI lines gains spread as the rise in APE reflects increased trend momentum.

In short, the APE technical analysis displays a much more likelihood of buyers surpassing the $10 mark.

Upcoming Trend

If the buyers continue to sustain the pressure overnight, APE prices will shortly overcome the selling at $10 and restart the bullish caravan. Traders can expect the bullish upturn to reach the next price action level at $13.25, but the 100 and 200-day EMAs will provide intermediary bearish obstacles. 

Preparing for the opposite, a support trendline fallout and candles closing under $7.85 will mark a bullish failure. In this case, the downtrend will retest the support level of $5.45.

Support Levels: $7.85 and $5.45

Resistance Levels: $10 and $13.25