APE Technical Analysis: Recharged Buyers Break Bearish Channel

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With the buyers overtaking the trend control, APE prices give a bullish breakout of the falling channel pattern, increasing the chances of bull run to $13. Key technical points: The APE prices approach the $9 mark. The VI lines are ready for a bullish crossover. The 24-hour trading volume of Apecoin is $2.047 Million, indicating a 33% hike. Past Performance of APE APE price is a downward trend within the falling wedge pattern after enduring the wrath of bears at the level of $24. The market value declining within the bearish pattern was below all of the EMAs on the 4-hour chart. Source-Tradingview APE Technical Analysis APE prices fell out of control and broke the psychological threshold of $10 before finally gaining the support of $5. This support replenished the bullish tanks underneath, which led to the bullish break of the channel that was in decline. However, the breakout rally is struggling to break the $9 mark, resulting in more price rejection, and indicating an increased chance of the price retesting. EMAs– The bullish reversal has breached the first line of EMA defense, the slope of the 20 EMA. However, a bearish sequence among the crucial EMAs(20, 50, 100, and 200) reflects an overall downtrend. Vortex indicator– The VI+ and VI- slope closing in may soon result in a bullish crossover. This buy signal gives an additional confirmation for a pattern breakout. Stochastic RSI- The K and D lines maintain a bull cycle and approach the overbought territory with significant spread. However, a bearish tension near the boundary warns of an early end with a crossover. In short, the APE technical analysis forecasts a post-retest reversal to surpass the $10 mark. Upcoming Trend If buyers can boost the trend after a retest, then the $9 breakout rally could surpass the psychological threshold of $10 and get to the $13.25 threshold. In the other case, if sellers remain in charge, the possibility of a retracement up to $5 is expected, which, when it happens, will push the trend lower and to new levels. Support Levels: $5 and $3.25 Resistance Levels: $9 and $13.25

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Time Stamp: May 12, 2022