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.
Source: Tradingview
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.
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.