The price of ApeCoin (APE) has experienced a range of reactions over the course of the past week, leading to it setting new weekly highs of $4.26 and new weekly lows of $3.79. However, bullish power has established itself in the market as a result of bulls taking control of the market over the course of the last 24-hours.
The current price of APE is up by 3.21%, where its support and resistance levels are located at $4.04 and $4.25 respectively, and there has been a total of $176,198,746 worth of trades over the past 24 hours. ApeCoin (APE) is currently ranked #30 on CoinMarketCap and has a live market cap of $1,500,337,293.
The Elder force Index (EFI) indicator currently has a reading of 16.87, which places it in a region that is considered to be in the overbought zone. This reading establishes the bullish trend for the long run. This suggests that there are significantly more buyers in the APE market than there are sellers, which is the primary reason why the bullish momentum is likely to persist into the near future.
The idea that the 100-day Moving Average (MA) is above the 50-day MA serves as a caution to investors because it indicates that the bullish trend may soon come to an end and that bears may take control of the APE prices in the coming hours. At press time, the reading for the 100-day moving average was at 4.4760, while the reading for the 50-day moving average was at 3.9087.
The presence of the MACD line in the positive region points out that the bulls have a stronger grip on APE prices. The MACD blue line is moving above the signal line and has a reading of 0.0952, supporting this upward trend. The positive histogram trend also supports the notion that bull dominance will continue in the forseeable future.
The Bollinger Bands (BB) are also pointing in the direction of the north, which provides additional support for the idea that the bullish trend may continue in the hours ahead. This also shows that there is more buying pressure than selling pressure, so investors and traders can stay optimistic because the price of APE might go up soon.
In conclusion, the technical indicators show that buyers are likely to stay active in the ApeCoin market in the near future.
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