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Vikram
Apr 27, 2022
by Vikram

APE Technical Analysis: Reaching $20 Apecoin Prepares Another Jump

APE
APE coin price gives a rounding bottom breakout to surpass the $19.35 mark with a bull run from $17.75. Should you add more as the new bull run starts?

Key technical points:

  • The APE price action forms a symmetrical triangle pattern.

  • The price trades under all the crucial EMAs.

  • The 24-hour trading volume of Apecoin is $1.60 Million, reflecting a fall of 20%. 

    • Past Performance of APE

    The APE coin price shows a remarkable rise of 40% in the last week resulting in a rising converging wedge in the 4-hour chart. Within the rising pattern, a rounding bottom breakout is observed with a neckline at $19.35. Hence, a price jump to the resistance trendline is highly likely in the upcoming sessions. 

    TradingView Chart

    APE Technical Analysis 

     The increase in trading volume supports the APE price jump, indicating a solid underlying bullishness. Moreover, the breakout of the resistance trendline will boost the bull run above the $20 mark.

    The rising trend of the crucial EMAs maintains a bullish alignment increasing the chances of an uptrend continuation. Moreover, the significant spread between the EMAs makes them viable support levels.

    MACD Indicator: The MACD and signal lines maintain a diagonal rising trend giving a bullish crossover. 

    RSI Indicator:  The RSI slope approaches the overbought boundary while sustaining above the 14-period average.

    In a nutshell, the APE technical analysis displays a high likelihood of a bull run above $20.

    Upcoming Trend 

    A bullish breakout from the resistance trendline would influence bullish on the upcoming trend in the APE price up to $22 mak. On the other hand, the support trendline fallout could cause the NFT coin to sink 8% lower and drop to the $17.75 mark.

    Support Levels: $17.75 and $16.25

    Resistance Levels: $20 and $22

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    ApeCoin $APE
    APE Technical Analysis: Reaching $20 Apecoin Prepares Another Jump
    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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