APE Technical Analysis: Triangle Breakout Creates New ATH
Key technical points:
Past Performance of APE
APE coin price inflates 50% in the last 48 hours, giving a fakeout of the support trendline and rising higher to surpass the overhead resistance above $15. The price jump creates multiple bullish engulfing candlesticks reaching the high of $16.72 after a retest candle.
Source-Tradingview
APE Technical Analysis
APE coin price shows a post-retest upside continuation in the 4-hour chart reflecting a surge in underlying bullishness. This surge came after Yuga Labs launched a teaser for the upcoming metaverse, called Otherside.
The sudden pump in APE price has left the EMAs(20, 50, and 100) way behind, indicating aggressive buying in the market. However, to maintain a healthy bull run the coin price is expected to keep a reasonable distance, which in our scenario could bolster a minor pullback.
RSI Indicator: A parabolic rally in the RSI slope accentuates the rising bullish momentum. However, if the coin continues to surge higher without any significant pullback.
MACD Indicator: The rising green bars on the histogram cheat and a long spread between the MACD and signal line reflects a solid uptrend.
In a nutshell, the APE technical analysis highlights the possibility of a bullish reversal to the $100 mark.
Upcoming Trend
The APE coin price experienced a surge in the underlying bullishness, which breached the $15.5 resistance. If traders sustain their buying, the altcoin will potentially surpass the $17 mark to reach the $20 mark.
Support Levels: $15 and $13
Resistance Levels: $18 and $20
