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ApeCoin returned 18% in one week.
The launch of the NFT marketplace and expected staking features are boosting the token.
Further recovery depends on a breakout at $4.2.
ApeCoin (APE/USD) has gained double digits over the past few days. As of press time, the cryptocurrency has gained 18% in a week. APE fell 0.78% during the day as it reached a key resistance. The recent NFT Marketplace launch has accelerated profits along with the expected staking interface.
Staking allows users to lock crypto tokens into the protocol and earn rewards. By staking, users contribute to the stability of the ecosystem. Starting December 5th, APE staking will begin, paving the way for pre-deposits. APE holders will start earning rewards on December 12th. However, an announcement made by Horizen Labs on November 23 sparked criticism over user lockouts in some regions, including the United States. Regulatory concerns were cited as reasons for blocking them.
Nonetheless, investors may be accumulating APEs ahead of the key December date.If this is a bullish trigger, APE will break out and overcome the prolonged decline. As we’ve seen, it’s still too early to speculate. Cryptocurrency React ahead of major deployments. With that in mind, it helps to pay attention to the technical aspects of APE trading.
The long-term technical outlook for APE is bearish. The token price is testing the resistance at $4.2 and the momentum is weakening slightly. The resistance is in the same zone as the long-term downtrend line.
The MACD indicator has turned bullish, showing that APE’s momentum is building.The RSI has crossed the midpoint, indicating that buyers are in control.
Before we need a breakout at $4.2 or the downtrend line buy apeA successful breakout will bring the token to $5 and potentially over $6.
If the breakout fails at $4.2, APE could witness a correction below key resistance.
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