ApeCoin (APE), one of the newest cryptocurrencies to launch on the Ethereum blockchain, already ranks in the top 100 cryptos by market capitalization. However, since the APE token was only launched on March 17, we have limited historical price data to assess the market sentiment.

However, even a smaller historical price data sample can tell a story of what’s happening behind the curtain.

Price Consolidation
After reaching an all-time high of $28.00 on the day it was launched, APE’s price pulled back and is now consolidating between the $16.50 – $9.50 range zone. Short-term, within this price consolidation, we can see some upside pressure.

Up from the $9.50 support level , APE’s price is trading within an ascending channel , with the price making a series of higher highs followed by a series of higher lows. Additionally, the RSI oscillator broke above the 50 mid-level to signal a strong bullish momentum behind the move.

On the daily chart , we also have the potential of developing the 3 white soldiers pattern, which calls for a continuation to the upside.

Looking forward: While the $10.00 psychological level holds the ground, the bulls have the upper hand. At the same time, a clear breakout above $16.50 can open up the door for a test of the next resistance, namely $20.00 followed by the all-time high of $28.00.