ApeCoin trades At $6.83 ATM – Retraces 2.5% in Past 7 Days

ApeCoin trades at $6.83 at the time of writing and with the price spike that has occurred over the last several weeks, ApeCoin (APE) has performed quite well.

In an upward parallel channel, ApeCoin is traveling erratically. Price continues to remain above the crucial $6.5 support area.

APE/USD pair was observed moving sideways at 0.000286 Satoshis.

The prices have skyrocketed due to excellent purchasing pressure. APE had a 9-week high peaking at $7.8 in the most recent week due to the ongoing rise.

However, it appears that purchasers are having difficulty maintaining the coin’s upward trend this week. The cryptocurrency has retraced by 2.5% over the last seven days, and additional selloffs are expected over the next several days.

ApeCoin Trades at $6.83

The price of the APE coin, according to CoinMarketCap, has decreased by 1.39% and is currently trading at $6.83.

A weekly price candle has developed that matches the last bullish candle in shape. The altcoin’s price action is shown to exhibit a strong wave of higher-lows and higher-highs within the ascending parallel channel on the 4-hour timeline.

At this time, buyers are attempting to keep APE above the $6.5 support line.

Right at $8.0, a bullish obstacle for the bulls is seen. Now, $10 may be the next objective if the bulls are successful in breaking over this crucial resistance area. The semi-line has been revisited by the APE RSI, as shown on the daily price timeline.

The MACD continues to appear lukewarm or flat even though it is still above the neutral zone. Additionally, the histogram is deteriorating.

Retracement Is Shown By The RSI, And Bears Are Attempting To Pounce

Despite the decline in price that was observed near to the $8.0 resistance level, ApeCoin was still able to trade in an upward parallel channel. RSI is exhibiting some retracement, and if it goes below the half-line, the bears may attempt to break through the parallel channel.

APE is attempting to maintain its position above the 50 EMA on the daily chart despite having dropped below the 20 EMA or below the 100 DMA. Furthermore, since July 13 or for more than a month, the APE coin price has been found to move inside an upward parallel channel. The bulls continued to try to move the token toward the higher trendline despite the bears’ continued gripping of it.

APE coin is now trading with a strong downward trend that is close to the ascending parallel channel’s bottom trendline. To stop any drops below the channel, APE coin must now get strong bullish support as soon as it enters the trendline and hits reversal.

In other similar news, Polkadot resistance retest is eminent.