APE Technical Analysis: Bottom Formation Hints Bullish Reversal

APE coin price action forms a double bottom pattern near the $11.5 support zone, teasing the falling channel’s potential bullish breakout. Key technical points: APE prices have decreased by 11.42% in the past 24 hours. In addition, the price collapsed under the 100-day EMA. Finally, the 24-hour trading volume of Apecoin is $36.18 Million, marking a 10.75% fall. Past Performance of APE APE coin prices broke below the $13.5 mark and the long-coming support trendline due to the increased selling activity on 31st March. The retest of $3.15 fallout came on 3rd April and continued the downfall in a falling channel fashion. Source-Tradingview APE Technical Analysis APE coin price faces extreme selling pressure resulting in a fall below the 50% Fibonacci retracement level and forming an accumulation range between the 61.80% level. However, the price action shows a double bottom pattern at the $11.5 mark and a neckline at $12.75. As the Apecoin prices fail to surpass the 50 and 100-period EMA, the reversal continues in the falling channel pattern. However, a bullish breakout of the 50-period EMA will result in an upside-out breakout. RSI Indicator: The RSI slope shows a bullish divergence in the double bottom pattern formed at the $11.5 zone. Hence, a bullish breakout of the falling channel pattern as the RSI slope surges above the 14-day SMA reflects a resurgence of buyers. MACD Indicator: The MACD and signal lines merged to give a be...