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- 1 APE gains momentum and is close to the upper trendline of the channel.
- 2 Buyers are trying to exit the channel highs and are looking for a reversal.
Apecoin price is trading close to the upper trendline of the falling channel pattern and is trying to grab the 20-day EMA for the past sessions. Moreover, APE price trades at the neutral region and gains traction by holding the trajectory instead of making a lower low formation. However, APE consolidates and shows lower investor interest, which does not give a strong conviction for a reversal. Bulls need a strong momentum to chase the gains but have shown indecisiveness in past sessions. APE price is trading in a downtrend and has lost over 80% of gains in the past months.
Apecoin price is trading in a narrow congestion zone and trying for a reversal. The bulls have started accumulating and looking for a rebound. Moreover, the chart structure shows that Apecoin has completed correction, and a pullback can be witnessed, which may retest the round mark of $2.00 in the upcoming sessions. The lower trajectory of APE is near $1.050, which, if retested, makes a double bottom and opens the door of recovery toward $1.20.
At press time, APE price is trading at $1.130 with an intraday gain of 0.80%, showing neutrality on the charts. Moreover, the trading volume increased by 9.20% to $38.94 Million, and the pair of APE/BTC is at 0.0000431 BTC. However, the market cap of APE is $148.46 Million. Analysts have maintained a neutral rating, suggesting volatility for the upcoming sessions.
APE Price Action Shows Falling Channel On Daily Charts
On the daily charts, APE price shows a falling channel pattern and is trading below the cluster of $1.300, showing a mild negative outlook for the past sessions. Furthermore, the chart shows the lower lows formation and stayed in a downtrend. However, if any reversal arises, it gets sold, and bulls will face difficulty sustaining on the top due to the negative market sentiment.
What Technical Indicators Say?
On the 4-hour charts, APE price stayed in the narrow congestion zone and consolidated by making little candlestick, indicating lower investor interest. Moreover, the price action shows that APE tries to sustain above the 50-day EMA to attain a pullback.
The RSI curve cannot sustain in the overbought zone and retest neutrality near 50. However, the bullish divergence suggests that APE may pace soon and direct toward $1,300.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a significant upside has been left for APE, which might be witnessed in the upcoming sessions.
Summary
APE price trades below the cluster of $1.50 and shows seller dominance for the past sessions. However, the trend is intact, and buyers are trying to grab the strength and are willing to retain the 50-day EMA mark near $1.50. Furthermore, instead of making lower lows, the APE price is now waiting for a pullback and consolidating in a narrow congestion range.
Technical Levels
Support Levels: $1.10 and $1.00
Resistance Levels: $1.40 and $1.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
