Crypto Currency Tracker logo Crypto Currency Tracker logo
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...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.