APE Technical Analysis: Is $11.50 Retest A Bullish Launchpad?

APE coin price action showcases the reversal rally, outgrows the falling channel, and plans to surpass $12 with a post-retest reversal. Key technical points: The Apecoin prices grow by 10% to end the falling channel The APE price retests the 50-period EMA in the 4-hour chart. Finally, the 24-hour trading volume of Apecoin is $658.38 Million, marking a 250% rise. Past Performance of APE APE prices deflated by 30% in under two weeks by creating a falling channel pattern starting from $15.50 to $10.75. The downtrend cracked below multiple Fibonacci support levels before finding support at a psychological barrier resulting in an upside rally of 15%. However, the prices failed to sustain above the 100-period EMA and reversed from the $12.35 mark to retest the 61.80% Fibonacci level close to $11.50. Source-Tradingview APE Technical Analysis APE token price faced a profit-booking led supply at $12.35 resulting in a retracement to the 61.80% Fibonacci level. However, the lower price rejection seen with a boom in trading volume increases the chances of a post-retest reversal. The lack of historical data puts the EMAs of Apecoin in a very vague position with the doubt that price action may or may not respect the levels. Nonetheless, the bearish aligned 50 and 100-period EMAs keep a sideways trend with the prior EMA attempting to push the price higher. RSI Indicator: The fresh surge in underlying bullishness cools down sharply as the RSI...