APECoin Price Analysis: APE Retraced by 2.5% This Week, Will There be More Sell-off?

• APECoin fluctuates inside an upward parallel channel.
• The RSI indicator is trending lower to retest the semi-line on the daily price scale.
• APECoin price with bitcoin pair looks sideways at 0.000286 Satoshis.

There has been a sharp rise in the price of APECoin over the past five weeks. Buyers continue to push the altcoin price higher. Amidst the uptrend, buyers recorded a nine-week high of $7.8Mark last week.

However, buyers struggle for higher stability this week. Thus the weekly price candle is formed inside the previous bullish candle. Price action is forming a higher-low and higher-high pattern in an ascending parallel channel on the 4-hours price scale. Now buyers try to manage the asset above the support line of a given pattern.

The 200-day moving average is trading below APECoin’s current price on the 4-hours chart. Despite the retracement phase, the altcoin is holding above the short-term support level of $6.5. At the same time, the coin was trading at the $7.06 mark at the time of writing.

APECoin’s market cap is up 3% to above $2.1 billion in the last 24 hours according to the CMC. However, the trading volume of speculators saw a decline of 15% last night. Furthermore, the price of APECoin with bitcoin pair seems to be sideways at 0.000286 Satoshis.

Bulls Need to Manage APE Token Above Ascending Parallel Channel 

The most immediate bullish barrier for bulls is at $8.0, if buyers break above this resistance level the conceptual round of $10 is likely to affect the bullish trend. Therefore, the RSI indicator moves down to retest the semi-line on the daily price scale.

Although the MACD indicator remains above the neutral level, it looks flat. At the same time the histogram is decreasing.

Conclusion

APECoin is still trading in an upward parallel channel despite a pullback near the $8.0-resistance. The RSI indicator is showing a slight retracement signal and if the RSI breaks below the peak half-line, the bears may break this parallel channel.

Support level- $5.0 and $4.0

Resistance level- $8.0 and $10

Disclaimer 

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