APE Technical Analysis: Is $11.50 Retest A Bullish Launchpad?

Key technical points:

Past Performance of APE

APE prices deflated by 30% in under two weeks by creating a falling channel pattern starting from $15.50 to $10.75. The downtrend cracked below multiple Fibonacci support levels before finding support at a psychological barrier resulting in an upside rally of 15%. However, the prices failed to sustain above the 100-period EMA and reversed from the $12.35 mark to retest the 61.80% Fibonacci level close to $11.50.

Source-Tradingview

APE Technical Analysis 

APE token price faced a profit-booking led supply at $12.35 resulting in a retracement to the 61.80% Fibonacci level. However, the lower price rejection seen with a boom in trading volume increases the chances of a post-retest reversal. 

The lack of historical data puts the EMAs of Apecoin in a very vague position with the doubt that price action may or may not respect the levels. Nonetheless, the bearish aligned 50 and 100-period EMAs keep a sideways trend with the prior EMA attempting to push the price higher. 

RSI Indicator: The fresh surge in underlying bullishness cools down sharply as the RSI slope retests the 50% line. However, the RSI values sustaining above 50% will represent a buying opportunity as no divergence is present. 

MACD Indicator: The MACD and signal lines keep avoiding bearish encounters to continue the approach towards the zero line. Moreover, the recent increase in the bullish spread strengthens the bullish side.

In a nutshell, the APE technical analysis highlights the possibility of a post-retest rally if the buying pressure sustains. 

Upcoming Trend 

APE coin price action experienced a surge in selling pressure above the 100-period EMA resulting in the 50-period EMA retest. However, the support confluence of the 61.80% Fibonacci level and the 50-period EMA projects a high likelihood of uptrend reversal surpassing $12 to reach the 38.20% Fib level at $14.

Support Levels: $11.5 and $11

Resistance Levels: $12 and $14