APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?

ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks.

• ApeCoin moving erratic in an ascending parallel channel.
• Price maintains to hold above the key support zone of $6.5.
• APE/USD pair gearing sideways spotted at 0.000286 Satoshis.

The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week.

On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days.

According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time.

A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.

At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5.

A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline.

Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening.

ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel.

On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline.

APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel.