ApeCoin: A possible sell signal may be triggered if this happens

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Since touching its ATH level on 29 April, ApeCoin (APE) has seen a robust spike in its selling spree. While the streak of red candles exceeded the buying comebacks, APE has been testing the $6-zone for the last month now.

While the current price range offers relatively high liquidity, APE could continue its sluggish phase around the $6-$7 range before committing itself to a trend. 

At press time, APE traded at $6.1992, down by 8.07% in the last 24 hours.

Source: TradingView, APE/USDT

Since hitting its lifetime milestone around the $27.6-level, APE has consistently registered lower peaks over the last few weeks.

An over 81% retracement from its April highs brought APE down to find an all-time low of $5.1 on 11 May. The last few days marked a relatively sluggish recovery on the chart.

With the Point of Control (POC, red) serving as a bounce-back region, the trendline resistance (white, dashed) has shunned the bullish revival efforts.

The lower peaks over the last month coupled with the steady troughs at the $6-support have revealed an increased bearish influence. The 20 EMA (red) still looked south while blending with the bearish narrative.

A continued recovery would beyond the $6.4-mark is needed for the bulls to challenge the constraints of the near-term EMAs. But looking at the paucity of buying volumes, APE would likely continue its squeeze in between the trendline resistance and POC.

Source: TradingView, APE/USDT

The Relative Strength Index has been hovering around in the bearish zone near the 38-level support. A break below this level could provoke further sluggish behavior while the alt