• ApeCoin (APE) is down 6.38% in 24 hours and 32.6% over the last week.
• Trading volume has surged nearly 100%, reaching $73.93 million today.
• The falling wedge breakout suggests potential upside, with targets up to $0.4470.

ApeCoin (APE) continues to struggle in the market, posting a 6.38% decline over the past 24 hours. The weekly chart is even more concerning, showing a 32.6% loss. At the time of writing, APE is trading at $0.3870.

Despite the falling price, trading activity has spiked. The 24-hour trading volume surged to $73.93 million, nearly doubling previous levels. Market capitalization fell to $291.28 million, reflecting the ongoing bearish sentiment among investors.

Also Read: ApeCoin Soars 30% in Q2 as Unveils Radical ApeCo Governance Model

ApeCoin Technical Patterns Suggest Possible Upside

Despite bearish pressure, technical charts reveal a potential turning point. ApeCoin’s 1-hour chart shows a classic falling wedge formation. The wedge has recently seen a breakout above its upper trendline, indicating a possible shift from bearish to bullish momentum. Analysts project this breakout could push APE toward $0.4470, representing a potential 15.5% gain from current levels.

Short-term targets include $0.4200 and $0.4350, with $0.4500 as a psychological resistance level. Support zones are also clearly defined. A lower wedge trendline around approximately $0.3740 is also the first level of support, with the swing low at approximately $0.3570 posing a stronger risk management. All these technical levels imply that disciplined trading and close attention to price actions are imperative.

Market Indicators Show Mixed Signals

RSI stands at 35.82, close to the oversold level (30), which spells increased bear momentum. It’s still lower than its signal line (44.74), reinforcing weakness. While still not oversold, the RSI implies that the price could get close to a reversal if selling pressure drops in subsequent weeks.

The MACD shows bearish momentum, with the MACD line at -0.06111, below the signal line (-0.04868) and the zero line. Expanding negative histogram, which points to growing pressure on the downside. No sign of bullish crossover yet. Current weakness in the ongoing trend and possible losses thereafter before stabilization or upmove.

Also Read: ApeCoin Price Prediction: APE Holds Support at $0.675, Eyes Breakout Potential