ApeCoin (APE/USD) hits resistance after a weekly surge

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  • ApeCoin has given 18% return in a week.

  • The launch of the NFT marketplace and the expected staking facility are giving a boost to the token.

  • Further recovery will depend on whether there is a breakout at $4.2 or not.

ApeCoin (APE/USD) has grown in double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost 0.78% intraday as it has hit an important resistance. The recent launch of the NFT marketplace is increasing profits along with the expected staking interface.

Staking allows users to lock their crypto tokens into a protocol in order to earn rewards. By staking, users contribute to the stability of the ecosystem. From 05 December onwards, APE staking will go live and pave the way for pre-deposits. APE holders will start earning rewards from December 12. The announcement, made by Horizon Labs on November 23, however, drew criticism for locking out users in certain regions, including the US. Regulatory concerns were cited as the reason for blocking them.

However, investors can submit APE before the crucial date of December. Should this become a bullish trigger, APE will break out and initiate a long downtrend. As we have seen, it is still too early to speculate cryptocurrency Reaction ahead of major developments. With this in mind, keeping an eye on the technical side of APE trading will help.

APE meets resistance and descending trendline

APE/USD Chart by TradingView

The long term technical outlook is bearish for APE. The coin price is testing the resistance at $4.2, and the momentum has weakened slightly. Resistance is in the same area as the long-term descending trend line.

The MACD indicator has turned bullish and shows that momentum is building for the APE. The RSI is above the midpoint to indicate that buyers are in control.

Should You Buy APE?

A breakout or descending trendline at $4.2 would be needed first buy ape, A successful breakout will propel the coin to $5 and potentially above $6.

If the breakout fails at $4.2, APE could see consolidation below the key resistance.

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