APE Technical Analysis: Will Rising Channel Break Above $7.2?

The Apecoin(APE) price action shows a bullish attempt to break above the ascending resistance trendline. However, will bulls break the bearish influence? Key technical points: The APE prices dropped by 2.84% in the last 24 hours. The rising channel attempts to break above the $7.2 resistance level. The 24-hour trading volume of Apecoin is $429 Million, indicating a gain of 23%. Past Performance of APE On June 18th, the APE price recovered from the lowest low support of $3.12. The fight between bears and bulls was resolved by a significant increase that has shown 52% gains in the last two weeks. The price climbed above that overhead support of $5.58, suggesting that the buyers are looking for a second leg upwards. Additionally, the coin price has the record highest of $6.9, which could be the weekly high. Source- Tradingview APE Technical Analysis The post-retest rally accompanied by a long-wick rejection and declining volume indicates a loss of bullish momentum in the APE/USD chart. However, the short support trendline forms a rising channel teasing a potential uptrend continuation. RSI slope decreases despite a price increase, indicating an increase in the underlying bearishness. This divergence confirms the pullback theory expected. However, the MACD indicator showcases a solid bullish spread between the MACD and signal lines sustaining above the zero line. Hence, the technical indicators showcase a bullish trend. In a nutsh...