NewsletterAPE Price Prediction: RSI Divergence Teases Upcoming Pullback In APE
The post-correction rally has surged the Apecoin(APE) price by 25%, bringing it to $17 resistance. The buyers attempt to breach the overhead resistance; however, a negative divergence in the RSI chart undermines the bullish momentum.
Key points:
- A possible breakout could surge the APE coin by another 8%
- The Daily-RSI chart displays an evident bearish divergence
- The intraday trading volume in Apecoin is $1.95 Billion indicating an 80% gain.
Source- APE/USD chart by Tradingview
On April 20th, the Apecoin witnessed a massive pump amid the announcement of an upcoming metaverse called Otherside. The coin registered a 24.6% intraday gain and tagged the $17 mark.
However, the APE chart displays multiple higher price rejection candles at that resistance, suggesting the buyers were exhausted from the sudden rise. The sellers eventually pull the price lower, offering a minor correction phase.
The pullback discounted the Ape price by 18% and plunged to the $13.8 support. However, with the rising popularity of Apecoin among whales, the coin price rebounded from this support and reached the $17 mark again.
With an 80% pump in trading volume, the APE buyers attempted a bullish breakout from 17%. If they succeed, the coin price will surge to the $18 mark, followed by a $20 psychological level.
Technical Indicator
Relative Strength Index- The RSI slope barely escaped from falling into the bearish territory and reverted immediately. The indicator shows a relatively short rally which reflects a bearish divergence concerning the April 20th peak.
This divergence suggests the APE/USDT pair may wetness another correction.
EMAs- The crucial EMAs(20, 50, 100) rise under a bullish sequence, indicating a strong bull trend. These EMAs could provide strong support during the occasional pullbacks.
- Resistance levels: $17 and $18
- Support levels: $11.5 and $10.5
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
