APE coin Price Analysis: APE coin price is trading at a make-or-break level, what happens next?
- The APE coin price is trading at the supply zone on a daily time frame.
- The APE coin price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of APE/BTC is trading at the price level of 0.000277 with an increase of 1.29% in the past 24 hours
The APE coin price as per the price action is trading at the supply zone on a daily time frame. The coin price failed to surpass the supply zone as it faced strong bearish pressure from the resistance. The APE coin is trading in a very small range between the supply and demand zone. Breakouts on either side could trigger big moves. The coin price is constantly taking support from the demand zone and facing constant rejection from the supply zone. At present, the APE coin price is getting ready for a big move as it forms a trend continuation pattern. Currently, the APE coin price is trading below the 50 and 10p Moving Averages. The recent fall in the price of APE coin price has resulted in the breakdown of the important MAs.Moving upwards the coin price can be seen facing strong rejections from these MAs. The APE coin price is trading at the middle of the Bollinger band indicator after failing to surpass the upper band. The coin price has surpassed the 14 SMA indicating short-term bullishness. Volumes have increased due to the recent fall in the price of the APE coin.
The APE coin price is forming a symmetrical triangle pattern on a daily time frame
Relative Strength Index: The APE on price has managed to bounce off the demand zone continuously. Despite the bearishness prevailing in the market, the coin price is fairly trading near the supply zone. As a result, the RSI curve has also turned upwards indicating bullishness. Although the RSI curve is yet to cross the halfway mark of 50, breaking out of the supply zone on a daily time could result in the RSI curve crossing the halfway mark of 50 supporting the trend.
Average Directional Movement Index: ADX has been continuously rising as the coin price bounced off an important demand zone in a lower time frame. As of now, the coin price is trading above this long-term important demand zone, retesting it. The breakout of supply can be seen acting as a strong demand zone. At present, the coin price is trading in strong momentum, and if the same continues the coin price can be seen moving higher in the upcoming days. ADX curve has dipped out of the 20 mark, as it turned upwards indicating a halt in the price movement and possible change in the price structure in upcoming days.
Supertrend: The APE coin price is trading above the demand zone. After the recent bearish move in the coin price, it bounced off the demand zone. As a result, the coin price broke the super trend sell line which was acting as a strong supply zone. As of now, the super trend indicator has triggered a buy signal. Moving forward the coin price can be seen resting at the super trend by line.
CONCLUSION: The APE coin price is bullish as seen on the daily chart. In a 4-hour time frame, the coin price is in a consolidation phase. The technical parameters are bullish as the APE coin price managed to sustain above the previous breakout zone. It remains to see if the APE coin price will break the small trading range on the upside or downside.
SUPPORT: $4.00 and $4.12
RESISTANCE: $6.00 and $6.44