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ApeCoin added 20% in 1 week
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Yuga Labs’ NFTs were a huge success last year
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Cryptocurrency overcomes resistance at $4.2 but faces correction
most Cryptocurrency In the event of a rally of relief, investors can seek quick money from ApeCoin (APE). Since the launch of Ape staking, the bullish investor has been trying to break his $4.2 key barrier, but to no avail. However, recent price action looks positive as APE trades at his $4.66 level and breaks through the resistance zone. Should this be considered a bullish signal?
According to CoinMarketCap data, ApeCoin added 20% in a week. Cryptocurrencies started the week on a higher note with an intraday jump of 12% on Monday. APE earnings are up to date cryptocurrency news It shows that ApeCoin’s NFT success is growing. Otherdeeds NFT has amassed his $49.9 million in royalties, best performing in 2022, according to the New Year’s update. Yuga Labs, BAYC, and MAYC’s other popular NFTs generated over $32.3 million and $25.6 million in royalties, respectively.
Given the popularity of Yuga Labs’ NFTs, the latest news may have excited APE buyers. This partially explains the recent recovery in APE prices.
ApeCoin Breaks $4.2 Resistance
From a technical perspective, APE is trading just above the $4.2 resistance. The cryptocurrency has also overcome the bearish descending channel. The cryptocurrency has maintained a system of highs and lows since bottoming out around $2.8. The MACD indicator has shifted above the neutral zone confirming the bullish momentum. However, the RSI reading shows that the APE is overbought.
What could happen next after APE?
The latest surge and indicators are positive for APE prices. In the short to medium term, we expect the strength to continue and possibly reach the next resistance of $5.1 or higher.
Nonetheless, the high RSI reading means APE may need a correction before continuing its rally. It is currently at support, or a short-term uptrend line.the investor buy ape on correction.
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