Has ApeCoin (APE/USD) turned bullish after weekly 25% gains?

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  • ApeCoin Token Registers 25% Gain in Last One Week

  • Bored Ape NFTs Continue To Attract High Prices Amid Prolonged Crypto Winter

  • APE may remain stable till 50-day MA or descending trendline

With 25% Gains in One Week, ApeCoin (APE/USD) Is One of the Top 3 Returners cryptocurrency Ranked #50. The gains came after APE hit a new low of $2.7. The last low for the cryptocurrency was $3.0 in June. APE has now recovered from the bottom and was trading at $3.8 at press time.

No significant news is affecting the APE price, but potential optimism may be creeping back in. As per the latest development, bore ape NFTs are in demand. On November 23 an NFT from the Bored Ape Yacht Club collection sold for $950,000 or 800 ETH. That’s what made NFT collector Keungz, who has several from Era Labs. Another sale was made between two unknown wallets for approximately $940,000 or 780 ETH. Both sales were made above the current minimum price affecting NFTs amid a prolonged crypto winter.

Meanwhile, the ApeCoin community DAO has launched its own marketplace for ecosystem NFTs. The marketplace was launched on 24 November. It will support transactions from BAYC collection, Mutant app, Bored app and others. These developments may draw attention to the APE token.

APE on short term price appreciation

APE/USD Chart by TradingView

A technical approach suggests that APE has started a short term recovery. The MACD indicator has shifted above the neutral zone and is showing that momentum is improving for the APE. The cryptocurrency has risen above the 20-day EMA.

However, APE trades below a long term descending trendline. Moreover, in the last two bullish attempts, APE has been rejected at the 50-day MA. The token is now trading near the key moving averages.

What next for APE?

ape price The rise will continue in the short term as the momentum remains. However, the long-term recovery will be determined by whether the bulls can propel the price above the 50-day MA and the descending trendline.

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