APE Technical Analysis: Will Rising Channel Break Above $7.2?
Table of contents
Key technical points:
Past Performance of APE
On June 18th, the APE price recovered from the lowest low support of $3.12. The fight between bears and bulls was resolved by a significant increase that has shown 52% gains in the last two weeks. The price climbed above that overhead support of $5.58, suggesting that the buyers are looking for a second leg upwards. Additionally, the coin price has the record highest of $6.9, which could be the weekly high.
Source- Tradingview
APE Technical Analysis
The post-retest rally accompanied by a long-wick rejection and declining volume indicates a loss of bullish momentum in the APE/USD chart. However, the short support trendline forms a rising channel teasing a potential uptrend continuation. RSI slope decreases despite a price increase, indicating an increase in the underlying bearishness. This divergence confirms the pullback theory expected.
However, the MACD indicator showcases a solid bullish spread between the MACD and signal lines sustaining above the zero line. Hence, the technical indicators showcase a bullish trend. In a nutshell, the APE technical analysis maintains a neutral point of view and suggests the traders wait for price action confirmation.
Upcoming Trend
If selling pressure sustains, a slight retracement could likely occur, dropping the APE price by 12% to 15% and retesting the $5.33 support. But, the post-correction recovery could propel the altcoin to rise 40% over the $5.33 support level and then to the overhead supply zone of $7.3.
Resistance Levels: $6.5 and $7.3
Support Levels: $5.7 and $5