ApeCoin added 20% in a week
Yuga Labs NFTs were a huge success last year
The Cryptocurrency Overcame Resistance at $4.2 But Is Facing a Correction
as most cryptocurrency Generate relief rallies, investors may turn to ApeCoin (APE) for a few quick bucks. Since the start of Ape staking, bullish investors have been unsuccessfully trying to break a key resistance at $4.2. However, the recent price action looks positive as APE is trading at $4.66, breaking the resistance area. Should this be seen as a bullish sign?
According to data from CoinMarketCap, ApeCoin has added 20% in a week. The cryptocurrency started the week on a high note, posting an intraday jump of 12% on Monday. Gain in APE comes among latest cryptocurrency news ApeCoin is showing increasing success for NFTs. The New Years Update showed that OtherDeads NFTs collected $49.9 million in loyalty, the best performance in 2022. Other popular NFTs from Yuga Labs, BAEC and MAYC, earned over $32.3 and $25.6 million in royalties, respectively.
The latest news may excite APE buyers, considering how popular Era Labs NFTs are. This partly explains the recent recovery in APE value.
ApeCoin broke the resistance level of $4.2
From a technical perspective, APE is trading slightly above the resistance of $4.2. The cryptocurrency has also crossed a descending channel that has kept it bearish. The cryptocurrency has maintained a system of higher highs and higher lows since trading below $2.8. The MACD indicator has moved above the neutral zone, confirming a bullish momentum. However, the reading on the RSI shows that the APE is overbought.
What might be next for APE?
Latest bounce and the indicators are positive for APE price. We expect the strength to continue in the short and medium term, potentially reaching the next resistance at $5.1 or above.
Nonetheless, with the higher RSI reading, the APE could be due for a correction before continuing higher. A possible price pullback could see APE back to $4.2, which is now a support, or short-term ascending trendline. investors need buy ape on an improvement.
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