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Cryptoknowmics 2022-09-28 12:35:44

APE Technical Analysis: Bear Cycle In Rising Channel Pattern

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? Key Points: 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...

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