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- The APE coin price has fallen strongly from the supply zone on a daily time frame.
- The APE line price is forming a symmetrical triangle pattern for a daily time frame.
- The APE coin price is still bearish in a weekly time frame, as it trades below the demand zone.
The APE coin price, as per the price action, is facing strong bearish pressure from the supply zone as it falls continuously from there and is taking constant support from the demand zone green trendline. The coin price is hovering near the demand zone again after failing to surpass the supply zone. This comes after the coin price faced a strong bearish heat that prevailed in the global cryptocurrency market. The APE coin price has managed to sustain above the demand zone, besides the strong bearish pressure. This indicates the presence of bulls. The APE coin price is forming lower low and lower high formations on a weekly time frame. As of now, the coin price fell below the 50 and 100 Moving Averages. The recent fall in the price of APE coin price from the supply zone has resulted in the coin price trialing below the 50 and 10p MAs. Moving upwards the coin price can be seen facing strong rejection from these MAs. At present, the coin price is trading at the lower band of the Bollinger band indicator after again failing to surpass the upper band. The coin price has also gone below the 20 EMA indicating a bearish trend for the upcoming trading days. Volumes have increased as the coin price fell below the demand zone strongly.
The APE coin price is forming a symmetrical triangle pattern on a daily time frame
Moving Average Convergence Divergence: As the coin fell to the demand zone on a daily time frame, the MACD indicator showed a negative crossover. On the downside, the blue line crossed the orange line. As a result, the coin price has fallen significantly in a 4-hour time frame. The recent fall in the APE coin price was strong and rapid. As of now, the coin price has started consolidating again at the demand zone, and the gap between the blue and orange lines can be seen widening, indicating that the trend is continuing.
Relative Strength Index: RSI curve is currently trading at the level of 47.4The 5.RSI curve is yet to cross the halfway mark of 50. Once the coin price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the APE coin. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the coin falls below the demand zone, the RSI curve can be seen falling further.
Average Directional Movement Index:
The APE coin price is struggling to break out of the supply zone as it again falls to the demand The same is depicted by the ADX curve as it falls below the 25 mark. The coin price can be seen bouncing off the demand zone if the bulls overpower the bears. If the same happens the ADX curve can also be seen moving upwards supporting the trend. As of, now the ADX curve has turned upward indicating a halt in the price movement and a change in price structure.
CONCLUSION: The APE coin price is trading above the demand zone, as it failed to surpass the supply zone due to a bearish trend. The technical parameters are also indecisive as the coin price consolidates. Although the coin price has managed to sustain above the demand zone, it needs to break the supply zone for a strong bullish run. An investor should wait for a clear trend and then act accordingly. Breakouts on either side will trigger big and rapid moves.
SUPPORT: $4.9 and $4.7
RESISTANCE: $5.5 and $8.9
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
