APE Technical Analysis: Will APE Market Value Jump Above $7?
Table of contents
Key technical points:
Past Performance of APE
The APE prices show a bullish reversal from the $3.5 bottom support levels resulting in a bull run surpassing the resistance trendline. After a retest, the prices took a bullish turnaround on 13 July, resulting in a prism to the overhead resistance at $6 down. The bullish turnaround accounts for a price jump of 71 percent in the last month, teasing a potential uptrend continuation.
Source- Tradingview
APE Technical Analysis
With the price jump of 19.50%, APE prices form a bullish engulfing candle approaching the $6 mark. However, traders must wait for the prices to close above $6 to avoid any underlying trap.
The daily-RSI slope shows a boom in the underlying bullishness as the slope exceeds the halfway line. Moreover, the MACD indicator shows a bullish trend in the fast and slow line with the support of resurfacing histograms.
Additionally, the stochastic RSI shows a bullish cycle in motion reflecting a buying spree in motion. Hence the technical indicators maintain a bullish bias, supporting the price action. In a nutshell, APE technical analysis showcases rising demand which fuels the uptrend.
Upcoming Trend
The APE price can rise up to the next resistance level at $7.23 if the buyers manage to keep the closing price above $6. Conversely, a bullish failure to sustain above $6 will result in a downfall to the $5 mark.
Resistance Levels: $6.5 and $7.23
Support Levels: $5.5 and $5