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Vikram
May 21, 2022
by Vikram

APE Technical Analysis: Divergence Increase Bullish Hope of Resurgence  

APE
APE price action shows a bearish retracement within a descending triangle, but the technical indicator forecasts a bullish breakout.  

Key technical points: 

  • APE price fell 2.17% in the last 24 hours. 

  • The Stochastic RSI shows a bullish divergence. 

  • The 24-hour trading volume of Apecoin is $421 Million, reflecting a 36% drop.  

    • Past Performance of APE 

    As can be seen from the previous trend on the chart of APE/USD, the market's value has drastically decreased since the $9.5 retest, which resulted in a 40% drop to $5.6. But the bullish V-shaped reversal led to an attempt at $9.5. 

    In addition, the failure of buyers to withstand the demand results in a downward trend, with lower high formations and a strong base at $7.36. Thus, the price action reveals the development of a descending triangle pattern. 

    TradingView Chart

    Source-Tradingview 

    APE Technical Analysis  

    The retracement rally in the APE prices shows lower price rejection from the $7.36 support level, increasing the chances of a bullish reversal. Hence, traders can find a reversal entry opportunity at current market prices. 

    Analyzing the momentum indicators, the RSI slope shows a sideways trend below the halfway line as the price trend contracts within the triangle. Hence, a bullish divergence is evident and hints at a bullish breakout. 

    The Stochastic RSI showcases an early bullish crossover in K and D lines in the neutral territory. Furthermore, the crossover comes with a jump displaying a bullish divergence in the last two dips.  

    In short, the APE technical analysis displays a much more likelihood of a bullish breakout. 

    Upcoming Trend 

    If APE prices surpass the 50 EMA and the resistance trendline, it will boost the market value drastically, resulting in a price jump above $10 to reach $13.25. However, if traders see a reversal from the resistance trendline, it will result in the retracement to $7.36 and increase the chances of a fallout rally to $5.6. 

    Support Levels: $7.35 and $5.6 

    Resistance Levels: $10 and $13.25 

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    $APE Apeccoin
    APE Technical Analysis: Divergence Increase Bullish Hope of Resurgence  
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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