Has ApeCoin (APE/USD) turned bullish after weekly 25% gains?
ApeCoin token has registered 25% gains in the past one week
Bored Ape NFTs continue to attract high prices amid a prolonged crypto winter
APE could stay bullish up to the 50-day MA or descending trendline
With gains of 25% in a week, ApeCoin (APE/USD) is among the top 3 return cryptocurrencies in the #50 rank. The gains come after APE reached a new low of $2.7. The last low for the cryptocurrency was $3.0 in June. APE has now overcome the bottom and was trading at $3.8 as of press time.
No significant news is influencing APE price, but potential optimism could be crawling back. According to the latest developments, Bored Ape NFTs are in demand. On November 23, an NFT from the Bored Ape Yacht Club collection sold for $950,000 or 800 ETH. The same was made to an NFT collector Keungz, who has multiple of them from Yuga Labs. Another sale between two unidentified wallets was made for nearly $940,000 or 780 ETH. Both sales were made above the current floor price amid a prolonged crypto winter that has hit NFTs.
Meanwhile, the ApeCoin community DAO has launched its own marketplace for the ecosystem NFTs. The marketplace was launched on November 24. It will support the transactions from BAYC collections, Mutant Ape, Bored Ape, and Otherdeed. These developments could attract attention to the APE token.
APE on a short-term price appreciation
APE/USD Chart by TradingView
A technical outlook shows APE has initiated a short-term recovery. The MACD indicator has shifted above the neutral zone and shows that momentum is improving for APE. The cryptocurrency has recovered above the 20-day moving average.
However, APE trades below a long-term descending trendline. Also, in the last two previous bullish attempts, APE has been rejected at the 50-day MA. The token now trades near the key moving average.
What next for APE?
APE price will continue to rise in the short term as momentum remains in place. However, longer-term recoveries will be determined by whether bulls will push the price above the 50-day MA and descending trendline.
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