Amid the ongoing uncertainty in the crypto market, the APE price extends its consolidation within a symmetrical triangle pattern. This continuation pattern usually bolsters the resumption of prevailing (in our case, downtrend) upon the breakout from either of the converging trendlines.
Source - TradingView
The current bear cycle within the triangle pattern had tumbled APE prices by 20% as it hit a low of $4.98. Moreover, this downfall has revealed the formation of a falling channel in the 4-hour time frame chart.
The last two days' rally has pushed the APE price to $5.25 as it retests the channel's resistance trendline. If the selling pressure pertains, the prices will continue downward spiral another 7% and hit the long-coming support trendline.
However, the bullish nature of the falling channel aligned with the support trendline indicates a higher possibility of price reversal. Furthermore, the decreasing volume activity as prices approach the bottom trendline bolsters the same theory by suggesting losing bearish momentum.
A bullish breakout from the channel pattern trendline may trigger a new bull cycle within the pattern. For Apecoin to experience a directional rally, it must break out of its symmetrical triangle pattern.
The RSI slope wobbling around the midline indicates a sideways and uncertain market scenario. However, the MACD and signal lines still running above the neutral zone keep buyers at some advantage.
Therefore, the technical indicators accentuate that Apecoin is resonating in a no-trading zone. The coin trades would need a strong movement (like a symmetrical triangle breakout) to escape the range-bound rally.
Resistance Levels - $5.7 and $6.2
Support Levels - $5 and $4.6