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...
What Happened In Crypto This Week?
