APE Technical Analysis: Will the bulls continue the rally as APE breaks out of its downtrend?

Token has shown signs of bullish actions in previous sessions.
The pair of APE/USDT is trading at the price level of $4.126 with a gain of 3.00% in the past 24 hours.
Token crosses the 50 EMA and sustains above it.

Following 102% increases in April 2022, the APE NFT coin chart began to fall. It dropped sharply over the following months, dropping below its launch price at the end of May. Following the collapse of the FTX (FTT) exchange on 14 November, APE fell to a 90-day low of $2.63, but it has since recovered and was trading at $4.13 on January 4th,23.

APE bulls taking command of the trend?

After getting support from the demand zone, the token has shown bullish momentum and broken over the long term trend line. APE is presently trading at $4.126 on the daily chart, up 3.00% in the last 24 hours. On the daily time frame, the token has crossed the 50 EMA upward and has sustained above it. It is now trading between 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The next important level where you may see token taking halt will be $4.418

MACD: The MACD showed a bullish crossover, and the token showed a bullish breakout of the long term trend line. The MACD line is colored blue, while the signal line is colored yellow. Bullish crossover occurs when the MACD line crosses above the signal line, and vice versa.

Analyst view & Expectations

We may witness a short-term bullish trend as the token gives a bullish breakout and sustains above the 50 EMA. Investors can buy now or wait for the price to close over the $4.418 resistance level for more confirmation of the trend. Intraday traders have a good opportunity to go long and book profits based on their risk-to-reward ratio.

According to our current ApeCoin price forecast, the value of ApeCoin will fall by -6.53% and hit $ 3.87 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 29. (Fear). Over the previous 30 days, ApeCoin had 17/30 (57%) green days and 6.48% price volatility. According to our ApeCoin forecast, now is a good time to buy ApeCoin.

Technical Levels

Major support: $3.825

Major resistance: $4.418

Conclusion

Token is showing signs of bullish momentum, Investors looking for short term gains can buy now. In the following days, we may see a bullish rise.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.