Has the Apecoin Bull Run stabilized since Apechain launch, or is it gearing up for the next major rally?

The launch of Apechain was one of the most bullish events for APE price growth, with the token surging above its current consolidation. With the price rising over 200% and trading volume surging more than 10x, the price appears poised to maintain a bullish trend for the remainder of 2024. However, in the long term, the rally is still within bearish influence. So the chances of being rejected are still high.

Does this mean the bulls will be trapped above $1.6?

In the short term, APE price is experiencing tremendous volatility, rising from around $0.76 to $1.76. However, as trading volume decreases significantly, the rally may be hindered. Nonetheless, prices are expected to revive a strong upward trend and reclaim local highs.

The price is facing notable selling pressure as the token continues to print bearish candles. A reversal is fast approaching, with the 50-day EMA currently showing strong support and the stochastic RSI preparing for a bounce. Unfortunately, trading volumes are slowly returning to previous levels, which could be a major concern.

In the long term, Apecoin has risen above the downtrend line and is experiencing significant bearish pressure. Sales volume exceeded 60% of purchases, pushing prices to regional highs. However, as long as Apecoin (APE) price remains above the important support level of $1, the bullish potential persists.