The recent downtrend took a breather at the $5.17 mark and witnessed a consolidation phase coiling the price between the $9.7 and $5.17 support. The Apecoin(APE) revealed a symmetrical triangle pattern in response to this consolidation, putting a recovery opportunity on the cards.
- A possible breakout could surge the APE coin by 55%
- The MACD-indicator indicates the possibility of a potential bull run and generates a signal to go bullish.
- The intraday trading volume in Apecoin is $846.5 Million marking a 20% gain.
On April 29, the Apecoin(APE) witnessed an end to the ongoing bull run as it failed to sustain above the $23.76 mark. This dragged the price down to $13.79 before finding temporary support, signifying a 34% drop in just four days.
Interestingly, the APE price saw a sudden surge in the price on May 4, with an intraday gain of 9.98%, indicating an attempt to make up for the recent loss. However, the attempt fizzled out with a recent sell-off in the market, dragging the price further down to $5.17 in a week, which is another 62% drop from the previous support.
Ever since, the coin has been in a correction phase while forming a symmetrical triangle. This phase is an opportunity for the buyers to regain trend control and raise the price.
A breakout from this symmetrical triangle could see the coin rise by 54% to the $13.8 mark.
Conversely, a breakdown would mean a resumption of the prevailing downtrend.
The MACD and signal line rising despite consolidation in price action indicate a rise in underlying bullishness. In addition, these lines may soon breach the neutral line, bolstering a triangle breakout.
EMAs- the price consolidation has reclaimed the 20 EMA slope providing an additional edge to long traders. However, the 50 EMA in confluence with the descending trendline strengthens the overhead resistance.
- Resistance levels: $9.57 and $10.6
- Support levels: $7.17 and $5.17
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- Is Celsius (CEL) Next To File Bankruptcy After Voyager, Three Arrows
- Bitcoin Hovers Around 20K; Will It Recover?
- Lido Staked ETH (stETH) Close To Ethereum Price, Why It’s Good For Crypto
- Ethereum (ETH) Recovery To $1.1K A Dead Cat Bounce, Here’s Why
- In June 2022, Bitcoin (BTC) Recorded the Worst Monthly Performance In History, Now What?
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655