APE COIN PRICE ANALYSIS: APE coin price is trading at the demand zone, will it bounce off it or falls further?

• The APE coin price is showing bullish after the bearish momentum in the previous week.
• 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 0.0002316 with a decrease of -0.26% in the past 24 hours.

Source: APE/USDT by tradingview

The APE coin price, as per the price action, has bounced off the demand zone, after facing a strong sell-off in the previous week. The APE coin price is currently trading in the demand zone. The APE coin price is making higher high and higher low price structures on an hourly time frame. As the APE coin price fell, it broke the important demand zone in a lower time frame. The APE coin price broke the demand zone with a strong bearish candlestick pattern which resulted in the rapid fall. As of now, the APE coin is trading above the demand zone after forming a bullish candlestick pattern which resulted in the bounce back. The APE coin price is currently trading below the 50 and 100 Moving averages. Recent bearishness in the price of APE coin price resulted in the breakdown of the 50 and 100 MAs. Moving upwards the token price can be seen facing strong rejection from these MAs. At present, the APE coin price is trading at the lower band of the Bollinger band indicator after floating to surpass the upper band. The coin price has also gone below the 14 SMA. Volumes have increased, therefore investors should remain cautious and wait for a clear signal of bullishness from the demand zone.

The APE coin price is forming a symmetrical triangle pattern on a daily time frame

Source: APE/USDT by tradingview

Relative Strength Index: RSI curve is trading at the price of 39.38 as the coin bounces off the demand zone. At present, the RSI curve has fallen below the 20 SMA. The coin is forming higher low and higher high formation on a hourly time frame as the coin shows bullishness in the higher time frame. The APE coin price can be seen moving if it sustains the recent gains and if it does then the RSI curve can be seen moving even higher up supporting the trend. Once the RSI curve crosses the halfway mark of 50, the APE coin price can be seen moving up quickly.

Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the coin gave a breakdown of the demand zone on a lower time frame. The blue line crossed the orange line on the downside. This has resulted in the coin price moving down strongly in a 4-hour time frame. The fall in the APE coin price has been strong and therefore the MACD lines were seen widening. As of now, the coin price has bounced off the demand zone, and if the same continues then the MACD line can be seen giving a positive crossover.

Average Directional Movement Index: ADX curve has slipped below the 25 mark as the coin price broke the demand zone. As of now, the ADX curve has turned sideways, as the APE coin price shows some bullishness. Therefore, the APE coin price can be seen halting on the lower time frame and changing the price structure. Once the coin bounces off the demand zone, the ADX curve can also be seen dipping out of the 25 mark.

CONCLUSION: The APE coin price is trading at the demand zone, as per the price action. Despite the recent bullishness shown by the APE coin off the demand zone, the technical parameters are still negative. If the APE coin price is successfully able to move in uptrend then the technical parameters can be seen turning positive or else it can fall further. Investors should wait for a clear trend and then act accordingly.

SUPPORT: $3.85 and $3.95

RESISTANCE: $6.304 and $6.804

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