ApeCoin forms a bearish pattern, can APE traders anticipate a 5% drop soon?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

ApeCoin [APE] experienced a bearish August. It reached a swing high of $7.8 in the first week of the month but has been unable to flip the $7.5 level to support. The bulls were left disappointed after APE took a turn to the south.

The altcoin posted losses of nearly 40% the past month and stood at a market cap of $1.5 billion. If Bitcoin [BTC] does not see some bullish respite, the pain could continue for APE investors. The formation of a lower timeframe bearish pattern also added weight to the probability of lower targets.

Source: APE/USDT on TradingView

A descending triangle (white) was seen on the of APE/USDT pair price chart. This came after a few weeks of downward movement. The descending triangle pattern can see a breakout in either direction, but often follows the direction of the preceding trend.

In this case, the trend was bearish, so a move downward appeared more likely. However, a session close above $4.8 would invalidate the bearish notion.

The Relative Strength Index (RSI) has been unable to break past the neutral 50 mark on the four-hour chart, while the A/D indicator remained flat in the past couple of days. Therefore, the momentum was neutral and slightly bearish.

Market participants appear to straddle the fence and await a strong move for APE. The volume bars at the bottom of the chart have also declined, which meant many participants were sidelined.

Source: APE/USDT on TradingView

The descending triangle pattern presented a target of $4.4 for APE. Moreover, the $4.4-$4.35 area has been an area of support back in July. Hence, a breakdown beneath $4.67 could drop to