The APE Technical Analysis displays a bear cycle in the rising channel pattern approaching the support trendline. Will prices reverse from the trendline? The APE price action displays an uptrend within a channel, but the bear cycle is currently in momentum. The lack of bearish divergence in the technical indicators projects a potential reversal from the support trendline. So, should you consider buying Apecoin at the support trendline?
- The Apecoin price action teases a trend reversal opportunity.
- The MACD indicator shows a merger above the halfway line.
- The intraday trading volume in Apecoin is $243 million.
Source — TradingView
APE Technical Analysis
The APE price action shows a bullish reversal from the $4 mark after a downfall of 46% in August and early September. However, the reversal rally shows a promising future for Apecoin. The reversal rally accounts for a 30% growth last month and reclaims the 50-day EMA, but the ongoing bear cycle shows higher price rejection. Multiple daily candles with long-wicks reversing from the resistance trendline display increased selling pressure. Moreover, the increased spikes in the trading volume during the bear cycle warn of a bearish breakout. However, the lack of any huge bearish candle lights the hope of buyers sustaining dominance at the ascending trendline. So, if the buying pressure spikes at the trendline, the APE price action will give a bullish reversal resulting in a jump to the $6.15 mark if it exceeds the 50-day EMA. Pessimistically, if the sellers give a bearish breakout, the Apecoin market price will tumble below the short-term support trendline to test the $4.10 mark.
The RSI slope shows a lateral trend above the halfway line, reflecting a relatively stronger bullish side. Moreover, the MACD indicator shows the fast and slow line touching in the positive zone as the bullish spread diminishes. Therefore, the technical indicators reflect a struggle in the underlying sentiments. As a result, the APE technical analysis takes a neutral standpoint but suggests a reversal entry at the support trendline. Resistance Levels — $5.5 and $6 Support Levels — $4.5 and $4.10