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Cryptoknowmics 2022-10-06 10:30:51

APE Technical Analysis: New Bull Cycle Signs Occur at Support Trendline

The APE Technical Analysis displays a potential recovery once the Apecoin price breaches the overhead resistance trendline. Amid the ongoing uncertainty in the crypto market, the APE price extends its consolidation within a symmetrical triangle pattern. This continuation pattern usually bolsters the resumption of prevailing (in our case, downtrend) upon the breakout from either of the converging trendlines. Key Points: The Apecoin price wavering between two trendlines is marked as a no-trading zone. The current downfall reveals a falling parallel channel pattern in the 4-hour chart. The intraday trading volume in Apecoin is $125 million. Source – TradingView APE Technical Analysis The current bear cycle within the triangle pattern had tumbled APE prices by 20% as it hit a low of $4.98. Moreover, this downfall has revealed the formation of a falling channel in the 4-hour time frame chart. The last two days’ rally has pushed the APE price to $5.25 as it retests the channel’s resistance trendline. If the selling pressure pertains, the prices will continue downward spiral another 7% and hit the long-coming support trendline. However, the bullish nature of the falling channel aligned with the support trendline indicates a higher possibility of price reversal. Furthermore, the decreasing volume activity as prices approach the bottom trendline bolsters the same theory by suggesting losing bearish momentum. A bullish breakout from the...

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