APE Technical Analysis: Divergence Increase Bullish Hope of Resurgence

APE price action shows a bearish retracement within a descending triangle, but the technical indicator forecasts a bullish breakout. Key technical points: APE price fell 2.17% in the last 24 hours. The Stochastic RSI shows a bullish divergence. The 24-hour trading volume of Apecoin is $421 Million, reflecting a 36% drop. Past Performance of APE As can be seen from the previous trend on the chart of APE/USD, the market’s value has drastically decreased since the $9.5 retest, which resulted in a 40% drop to $5.6. But the bullish V-shaped reversal led to an attempt at $9.5. In addition, the failure of buyers to withstand the demand results in a downward trend, with lower high formations and a strong base at $7.36. Thus, the price action reveals the development of a descending triangle pattern. Source-Tradingview APE Technical Analysis The retracement rally in the APE prices shows lower price rejection from the $7.36 support level, increasing the chances of a bullish reversal. Hence, traders can find a reversal entry opportunity at current market prices. Analyzing the momentum indicators, the RSI slope shows a sideways trend below the halfway line as the price trend contracts within the triangle. Hence, a bullish divergence is evident and hints at a bullish breakout. The Stochastic RSI showcases an early bullish crossover in K and D lines in the neutral territory. Furthermore, the crossover comes with a jump displaying a bullish d...