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Vikram
Oct 6, 2022

APE Technical Analysis: New Bull Cycle Signs Occur at Support Trendline

APE Technical Analysis
The APE Technical Analysis displays a potential recovery once the Apecoin price breaches the overhead resistance trendline.

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.

Key Points:

  • The Apecoin price wavering between two trendlines is marked as a no-trading zone.
  • The current downfall reveals a falling parallel channel pattern in the 4-hour chart.
  • The intraday trading volume in Apecoin is $125 million.
  • APE Price Chart

    Source - TradingView

    APE Technical Analysis

    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.

    Technical Indicators

    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

    APE Technical Analysis: New Bull Cycle Signs Occur at Support Trendline
    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.