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Vikram
May 12, 2022
by Vikram

APE Technical Analysis: Recharged Buyers Break Bearish Channel

APE
With the buyers overtaking the trend control, APE prices give a bullish breakout of the falling channel pattern, increasing the chances of bull run to $13.

Key technical points:

  • The APE prices approach the $9 mark.

  • The VI lines are ready for a bullish crossover.

  • The 24-hour trading volume of Apecoin is $2.047 Million, indicating a 33% hike. 

    • Past Performance of APE

    APE price is a downward trend within the falling wedge pattern after enduring the wrath of bears at the level of $24. The market value declining within the bearish pattern was below all of the EMAs on the 4-hour chart.

    TradingView Chart

    APE Technical Analysis 

    APE prices fell out of control and broke the psychological threshold of $10 before finally gaining the support of $5. This support replenished the bullish tanks underneath, which led to the bullish break of the channel that was in decline. However, the breakout rally is struggling to break the $9 mark, resulting in more price rejection, and indicating an increased chance of the price retesting.

    EMAs- The bullish reversal has breached the first line of EMA defense, the slope of the 20 EMA. However, a bearish sequence among the crucial EMAs(20, 50, 100, and 200) reflects an overall downtrend.

    Vortex indicator- The VI+ and VI- slope closing in may soon result in a bullish crossover. This buy signal gives an additional confirmation for a pattern breakout. 

    Stochastic RSI- The K and D lines maintain a bull cycle and approach the overbought territory with significant spread. However, a bearish tension near the boundary warns of an early end with a crossover.

    In short, the APE technical analysis forecasts a post-retest reversal to surpass the $10 mark.

    Upcoming Trend

    If buyers can boost the trend after a retest, then the $9 breakout rally could surpass the psychological threshold of $10 and get to the $13.25 threshold.

    In the other case, if sellers remain in charge, the possibility of a retracement up to $5 is expected, which, when it happens, will push the trend lower and to new levels.

    Support Levels: $5 and $3.25

    Resistance Levels: $9 and $13.25

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    ApeCoin $APE
    APE Technical Analysis: Recharged Buyers Break Bearish Channel
    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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