APE price action shows a bearish retracement within a descending triangle, but the technical indicator forecasts a bullish breakout.  

Key technical points: 
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="1" data-aria-level="1">APE price fell 2.17% in the last 24 hours. </li>
 	<li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="2" data-aria-level="1">The Stochastic RSI shows a bullish divergence. </li>
 	<li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="3" data-aria-level="1">The 24-hour trading volume of Apecoin is $421 Million, reflecting a 36% drop.  </li>
</ul>
<h2>Past Performance of APE </h2>
As can be seen from the previous trend on the chart of APE/USD, the market's value has drastically decreased since the $9.5 retest, which resulted in a 40% drop to $5.6. But the bullish V-shaped reversal led to an attempt at $9.5. 

In addition, the failure of buyers to withstand the demand results in a downward trend, with lower high formations and a strong base at $7.36. Thus, the price action reveals the development of a descending triangle pattern. 

 <img src="https://s3.tradingview.com/snapshots/9/9AmxUgoB.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/9AmxUgoB/">Tradingview</a> 
<h2>APE Technical Analysis  </h2>
The retracement rally in the APE prices shows lower price rejection from the $7.36 support level, increasing the chances of a bullish reversal. Hence, traders can find a reversal entry opportunity at current market prices. 

Analyzing the momentum indicators, the RSI slope shows a sideways trend below the halfway line as the price trend contracts within the triangle. Hence, a bullish divergence is evident and hints at a bullish breakout. 

The Stochastic RSI showcases an early bullish crossover in K and D lines in the neutral territory. Furthermore, the crossover comes with a jump displaying a bullish divergence in the last two dips.  

In short, the APE technical analysis displays a much more likelihood of a bullish breakout. 
<h2>Upcoming Trend </h2>
If APE prices surpass the 50 EMA and the resistance trendline, it will boost the market value drastically, resulting in a price jump above $10 to reach $13.25. However, if traders see a reversal from the resistance trendline, it will result in the retracement to $7.36 and increase the chances of a fallout rally to $5.6. 

Support Levels: $7.35 and $5.6 

Resistance Levels: $10 and $13.25

APE Technical Analysis: Divergence Increase Bullish Hope of Resurgence  

APE price action shows a bearish retracement within a descending triangle, but the technical indicator forecasts a bullish breakout.  

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

APE Technical Analysis: Divergence Increase Bullish Hope of Resurgence

Top Picks