<strong><em>The Apecoin(APE) price action shows a bullish attempt to break above the ascending resistance trendline. However, will bulls break the bearish influence?</em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>The APE prices dropped by 2.84% in the last 24 hours.</li>
 	<li> The rising channel attempts to break above the $7.2 resistance level.</li>
 	<li>The 24-hour trading volume of Apecoin is $429 Million, indicating a gain of 23%.</li>
</ul>
<h2>Past Performance of APE</h2>
On  June 18th, the <a href="https://coincodex.com/crypto/apecoin-ape/">APE price</a> recovered from the lowest low support of $3.12. The fight between bears and bulls was resolved by a significant increase that has shown 52% gains in the last two weeks. The price climbed above that overhead support of $5.58, suggesting that the buyers are looking for a second leg upwards. Additionally, the coin price has the record highest of $6.9, which could be the weekly high.

<img src="https://s3.tradingview.com/snapshots/e/EzhsKrGz.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/EzhsKrGz/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">APE Technical Analysis </span></h2>
The post-retest rally accompanied by a long-wick rejection and declining volume indicates a loss of bullish momentum in the APE/USD chart. However, the short support trendline forms a rising channel teasing a potential uptrend continuation. RSI slope decreases despite a price increase, indicating an increase in the underlying bearishness. This divergence confirms the pullback theory expected.

However, the MACD indicator showcases a solid bullish spread between the MACD and signal lines sustaining above the zero line. Hence, the technical indicators showcase a bullish trend. In a nutshell, the <a href="https://www.cryptoknowmics.com/news/ape-technical-analysis-is-the-buying-spree-growing-for-apecoin/">APE</a> technical analysis maintains a neutral point of view and suggests the traders wait for price action confirmation.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
If selling pressure sustains, a slight retracement could likely occur, dropping the APE price by 12% to 15% and retesting the $5.33 support. But, the post-correction recovery could propel the altcoin to rise 40% over the $5.33 support level and then to the overhead supply zone of $7.3.

<strong>Resistance Levels:</strong> $6.5 and $7.3

<strong>Support Levels:</strong> $5.7 and $5

APE Technical Analysis: Will Rising Channel Break Above $7.2?

APE Technical Analysis shows a bullish attempt to break above the ascending resistance trendline. However, will bulls break the bearish influence?

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: Will Rising Channel Break Above $7.2?

Top Picks