APE Price Analysis: Will APE Price Make a Bullish Recovery?

• APE price is currently trading at $4.374 at press time.
• APE price observed a decline of 2.62% in the last 24 hours.

After making a sharp downturn in early November, the price made a sharp downturn of 48%. APE price is presently trading on a bullish trend, gaining more than 95 percent of its value in the uptrend. However, after taking resistance from $6.500 the price broke its bull trend with a strong bearish candlestick pattern. The price got buyers’ support from its next trendline at $3.500 and made a bullish engulfing candle. As of now, the price is making a consolidation pattern.

APE Price Trading Under the Supply Zone on the 1-day timeframe

Source: APE/USDT by TradingView

Ape coin (APE) is used in the APE ecosystem as a utility token and it offers APE users governance rights. Ape coin holders can vote on how the APE DAO ecosystem fund should be used. 62% of Apecoin was allocated to the Ecosystem fund.

Technical Analysis (1 Day Time-frame )

Source: APE/USDT by TradingView

APE price is taking resistance from the 200-day EMA and not long ago the 100-day EMA crossed above the 200-day EMA mid-march. The price took resistance from the 200-day EMA multiple times making a consolidation pattern. However, as the EMAs are making a golden crossover, the price could take a bullish turn. The RSI line is currently trading above the median line, taking consistent support from the 14 SMA. The RSI value at the time of writing is 51.47.

Technical levels –

Support -$3.500

Resistance – $4.569

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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