Triangle Breakout Eyes 55% Rise in APE

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.

Key points: 

• 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.

Source- Tradingview

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.

Technical Indicator

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

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.