APE prices struggle to break the mental barrier of $10 despite a strong resistance trendline breakout. Will the new bullish pattern accomplish this task? Key technical points: APE prices grew 68% from $5.45 to challenge sellers at $10 between 12th and 13th May. The higher low formation forms an ascending triangle pattern, as the sellers at $10 perceive unbeatable. The 24-hour trading volume of Apecoin is $870 Million, indicating a 13.68% hike. Past Performance of APE As mentioned in our previous analysis, APE prices surpassed the resistance trendline (marked blue) on 12th May and within hours, we saw a post-retest reversal reaching $10. However, the breakout remained a dream as the sellers at $10 remained invincible during multiple bullish attempts. But the underlying bullish nature is getting stronger, evidenced by the higher low formation formations generating a support trendline (marked green). Source-Tradingview APE Technical Analysis The bullish reversal in APE prices is supported by a trendline, which forms an ascending triangle pattern with the overhead resistance at $10. However, the 50-period EMA coincides with the overhead resistance to increase the bearish pressure. On the other hand, the bearish alignment of the falling crucial – 50, 100, and 200-days EMAs, reflect an increased number of solid overhanging resistances ready to suppress bulls. The sharp reversal in RSI values from the oversold territory discharges ne...
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