Apcoin (APE) is showing weakness and is trading inside a short-term bearish pattern despite the fact that it is hitting a new all-time high.
The APE has been on a bullish uptrend since April 18, when it hit a low of $10.90. In a span of just 10 days, the price increased by 90%, reaching a high of $21 on April 28.
While APE reached an all-time high of $28 during its launch on March 17th, the current high is the highest price ever.
More importantly, the price reclaimed the $14.30 area, which previously acted as resistance. The sector is now expected to provide assistance.
short-term ape movement
cryptocurrency influencer @jessehj1 Tweeted a chart from APE, which says that the price is slowly approaching a new all-time high.
The two-hour chart shows that the APE is trading inside an ascending wedge since April 20. A wedge is considered a bearish pattern, which means it will most likely break out.
Furthermore, the pattern is aligned with a bearish divergence on the RSI. As a result, a breakdown from this would be the most likely scenario.
If it does, the nearest resistance area will lie at $16.80.
wave count analysis
The wave count supports the possibility of a short-term decrease, as it indicates that the APE is completing a final diagonal, hence the wedge shape.
Currently, the ratio of waves 3:5 is 1:0.618, which is the most common for such patterns.
A rise above $23.32 would invalidate this pattern as it would make wave the three shortest bullish wave.
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