- APE coin price trades at the demand zone after facing bearish pressure from the falling trendline.
- APE coin price is forming a symmetrical triangle pattern on a 4-hour time frame.
- The pair of APE/BTC is trading at the price level of $0.00014905 with an increase of 2.34% in the past 24 hours.
APE coin price is covering the demand zone, as it tries to bounce off it. The recent fall in the overall market had little impact on the coin price but it managed to sustain the demand zone. As of now, the APE coin price is transacting at the price level of $4.63.
APE Coin Price Tries to Break Out
APE coin price is showing great strength amid bearish momentum in the overall market. The coin price is forming a higher-high and higher-low price structure on an hourly time frame. At present, the recent fall in the APE coin price off the supply zone led to the breakdown of the 50- and 100-day moving averages. Moving upwards, these MAs can be seen acting as a strong supply zone.
APE coin price, following a fall in the price, led to it trading at the lower band of the Bollinger band indicator. However, if the coin price successfully bounces off the demand zone, it can be seen rising to the upper band. Volumes have been normal, indicating a neutral trend in a higher time frame.
APE Coin Price is Forming a Symmetrical Triangle Pattern on the 4-hour Time Frame
APE coin price is expected to continue the bearish trend for some time as the MACD indicator suggests. As APE coin price fell, the MACD indicator triggered a negative crossover. As a result, the blue line was seen crossing the orange line on the downside. For the APE coin price to start rising, it needs to break the symmetrical triangle pattern which can lead to a positive crossover in the MACD indicator.
The RSI curve is currently at 47.97. Once the APE coin price crosses the supply zone, then the RSI curve can be seen crossing the halfway mark of 50, supporting the trend. Following the recent trend, the coin price can be seen rising higher if the bulls support.
Conclusion: APE coin price has been trading at the demand zone on a 4-hour time frame following a brief fall in the overall market. Technical parameters are also seen supporting the trend, as a correction was observed.
Support: $3.9 and $3.7
Resistance: $4.4 and $4.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
