APE technical analysis highlights the declining trend under the influence of bearish momentum with prices moving significantly below the 200-day EMA as sellers are active again despite the beginning of consolidation.

Although ApeCoin (APE) witnessed a surge of 24.9% in the last 7 days, today’s price momentum is not favorable for traders. APE price action displays a declining trend after a sharp jump to the daily high of $4.40. Despite APE prices trying to consolidate between the range of $0.051 and $.017, the token is still unable to reverse the trend. Moreover, the drop of 1.59% in prices coupled with a 1 .65% drop in market cap to $1.47 billion confirm the return of the bearish cycle in the market. However, the recent consolidation in the market is likely to take the trend toward a possible breakout rally.
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400">APE prices moving far below the 200-day EMA highlight a bearish trend </li>
 	<li style="font-weight: 400">Consolidation after declining may result in a bullish reversal </li>
 	<li style="font-weight: 400">The intraday trading volume in APE is $242.24 million </li>
</ul>
<img src="https://s3.tradingview.com/snapshots/q/q5IcIIPR.png" alt="TradingView Chart" />Source: <a href="https://www.tradingview.com/x/q5IcIIPR/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>APE Technical Analysis</h2>
APE price action maintains a downward trend with prices in the consolidating stage while moving below the 200-day EMA line. The Symmetrical triangle formed by the resistance and support trendline on the daily chart signals a breakout possibility on either side. If APE manages to reverse the bearish trend the prices may break above the current resistance level of $4.10. On the other hand, falling below $0.010 is possible if the token falls further. Sideline traders can expect entry and exit opportunities as the consolidation stage signals a potential breakout. 
<h2>Technical Indicators</h2>
Sharply moving below the mean point while making a bearish divergence, the RSI slope projects a comeback of bears owing to increased selling pressure. MACD and signal lines also show a return of the bearish cycle after giving a bearish crossover as bearish bars on the histogram continue to grow. 

According to technical indicators, the traders will find entry and exit opportunities when the APE witnesses a breakout rally or bullish reversal which is signaled by the symmetrical triangle.

APE Technical Analysis: Bearish Consolidation Signals Potential Breakout Rally 

The APE technical analysis highlights the declining trend under the influence of bearish momentum with prices moving significantly below the 200-day EMA.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

APE Technical Analysis: Bearish Consolidation Signals Potential Breakout Rally

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