What next for ApeCoin [APE] after 20% hike from its bullish pennant

ambcrypto.com:

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

ApeCoin’s [APE] knockdown from its early August two-month high found a solid rebounding ground at the $4.2 baseline. This bounce-back shaped into a bullish pattern on the four-hour timeframe while setting the stage for a near-term bullish narrative.

After securing a position above the 20/50/200 EMA, APE projected a heightened bull vigor, but marked a slight reversal from the $5.6-resistance. Should the bulls maintain their advantage above the $5.4 support, the BAYC-connected crypto will look to extend its ongoing bull run.

At press time, APE was trading at $5.515, up by a whopping 15.3% in the last 24 hours.

Source: TradingView, APE/USDT

Soon after hovering near its ten-week high, APE steeply depreciated in its journey towards its multi-month support in the $4.2-region. An over 45% decline from its August highs inflicted a strong downtrend below its 20/50/200 EMA.  

With the $4.2-support creating room for the bulls to recoup, APE registered an over 40% ROI and formed a reliable flagpole for its bullish pennant.

Consequently, the bullish cross on the 20/50 has only reaffirmed the buying strength over the last few hours. The EMAs still looked north while highlighting the chances of a sustained uptrend.

An inability of the sellers to close below the immediate support could provoke a near-term compression in the $5.4-$5.6 range. A close above the $5.6-ceiling would hint at a buying signal. In this case, the targets would lie in the $5.9-$6 range.

A close below the $5.4-zone would hint at a near-term decline before a sustained uptrend. If the buyers dwindle, the token could see a pullback towards the