The Apecoin price resonated inside a broadening channel pattern from Mid June to August. In theory, this bearish continuation accelerates the selling pressure over the coin and triggers a significant downfall. Thus, the recent APE price breakdown from this pattern has begun a potential correction.
Key points From APE Analysis:
- The post-retest fall may plunge the price by 40%
- The APE price reclaims the $5.4 level
- The intraday trading volume in Apecoin is $391.2 Million, indicating a 39% gain
The short-term recovery in the APE/USDT pair formed a local top at the $7.85 mark. However, the coin price took a complete V-shaped reversal from this resistance as the crypto market witnessed a sudden increase in selling pressure around Mid August.
Thus, the negative sentiment growing around the market bolsters the very nature of the channel pattern. On August 18th, the bearish breakdown from the support trendline activated the bearish pattern and signaled the continuation of the prevailing downtrend.
