The latest APE downtrend paused around $5.17 and saw consolidations that coiled the price within $9.7 – $5.17. ApeCoin responded to the price actions with a symmetrical triangle formation, revealing recovery opportunities for the alternative token.
- A potential breakout would see ApeCoin gaining 55%.
- The Moving Average Convergence Divergence shows bullish run possibilities as the indicator prints an optimistic signal.
- ApeCoin’s intraday trading volume stands at $846.5 million, revealing a 20% increase.
ApeCoin ended its bullish trends on 29 April as the alternative token failed to steady beyond $23.76. That saw APE sliding towards the $13.79 lows before securing a temporary foothold, translating to an approximately 34% decline in four days.
Surprisingly, ApeCoin’s price witnessed a swift uptick on 4 May, recording a 9.98% intraday upswing. The uptrend showed the altcoin’s determination to erase incurred losses.
Nevertheless, the latest market-wide sell-off annulled the possibilities, and APE plummeted further towards $5.17 within a week, reflecting another 62% slump from ApeCoin’s previous support.
The developments saw the token in a correction period while creating a symmetrical triangle. That presents an opportunity for APE buyers to regain control of the trend and propel prices higher.
Breaking out from the symmetrical triangle might see the alternative token gaining 54% to explore a value area of $13.8. On the other hand, a breakdown would translate to a prevailing downtrend resumption.
APE Technical Indicators
The Moving Average Convergence Divergence and the Signal line rise regardless of the consolidation price action. That reflects an increase in ApeCoin’s underlying bullishness. Moreover, these indicators may breach the neutral level soon, supporting triangle breakouts.
Exponential Moving Averages – Consolidating prices regained the 20EMA slope, offering long investors an extra edge. Nevertheless, the confluence of the descending trend-line and the 50-Exponential Moving Average bolstered the overhead obstacle.
While writing this blog, ApeCoin traded at $8.57, flashing bullish actions. However, market players need to watch global market sentiment to complement the above analysis. Bears seem to dominate the market, canceling bullish hopes in most assets. It might be interesting to watch upcoming moves by APE. Stay around.
Resistance zones – $9.57, then $10.6
Support zones – $7.17, then $5.17
Editorial credit: David Esser / shutterstock.com
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