The launch of Apechain was one of the most bullish events for the APE price rally as the token surged above the current consolidation. With a rise of over 200% in the price and over 10x jump in the trading volume, the price appears to be primed to keep up the bullish trend for the rest of 2024. However, the rally in the long term remains within the bearish influence and hence the possibility of a rejection remains high.
Does this suggest the bulls will be trapped above $1.6?
In the short term, the APE price is experiencing massive volatility after the rise from levels around $0.76 to as high as $1.76. However, the volume has dropped significantly, which may hinder the progress of the rally. Despite this, the price is expected to revive a strong ascending trend and reclaim the local highs.
The price has been facing notable selling pressure as the token is printing constant bearish candles. Currently, the 50-day EMA is offering strong support and as the stochastic RSI is preparing for a rebound, a flip could be fast approaching. Unfortunately, the volume is slowly ranging back to its previous levels, which could be a huge matter of concern.
In the long term, Apecoin has risen above the descending trend line and is experiencing remarkable bearish pressure. The selling volume is more than 60% of the buying volume that elevated the price to local highs. However, the bullish possibility persists as long as the Apecoin (APE) price sustains above the crucial support at $1.
