ApeCoin (APE) Shows Signs Of Recovery, But Mini-Rally Could Be Short-Lived

ApeCoin has had a long and complex history. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market’s slump. The coin’s price has broken through the resistance of a head-and-shoulders pattern, rising to a new all-time high of $5.63. This may portend an impending upswing, but technical signs are pointing in the opposite direction. Overall, both bulls and bears have been able to make little gains in APE coin, making the overall trend neutral. There is a double bottom pattern on the coin as well. This pattern could foretell a continuation of the current downward trend. Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data ApeCoin: Robust Buy Signals Likely However, this downward tendency has not materialized, yet. The current APE coin mini-rally may be a short-lived upsurge following the decline that began on September 13. There have been double bottoms and single bottom reversals in the price of APE coin recently. Bearish feeling among investors can only be reversed if the price is able to sustain itself at the 78.60 percent fib level. The result may be more robust buy signals for market participants. We anticipate that APE’s price will rise when the crypto market recovers alongside the broader financial sector. And that’s if the cryptocurrency market can ignore the impending ...