As a seasoned crypto investor with a knack for spotting promising projects and navigating through market volatility, I find myself intrigued by the meteoric rise of ApeCoin (APE). The 130% surge over the past four days has caught my attention, and I can’t help but feel like I’ve missed a few steps in my dance with the crypto market.
On October 21st, the value of ApeCoin (APE) surged, rising by approximately 130% over the previous four days. This significant increase in price was driven by growing enthusiasm for the imminent launch of the much-awaited blockchain platform, ApeChain.
Data from CryptoMoon Markets Pro and TradingView shows APE rose from a low of $0.861 on Oct. 20, climbing as much as 104% to a six-month high of $1.75 on Oct. 21. At the time of publication, the ERC-20 governance token trades at $1.53, up 16.5% over the last 24 hours and 125% in the past week.
Some reasons contributing to ApeCoin’s optimistic trend are the advancements related to the recent launch of ApeChain, as well as improvements in its overall market architecture.
Launch of layer-3 ApeChain boosts APE price
As a researcher, I find myself examining the current value of ApeCoin following the long-anticipated debut of the ApeChain blockchain network, an initiative spearheaded by the ApeCoin team under the leadership of Yuga Labs.
Launched on October 20th, the newly operational layer-3 blockchain serves as a bridge connecting ApeChain, Ethereum, and Arbitrum networks, allowing users to effortlessly transfer APE tokens, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between these systems.
Launching ApeChain has broadened the practical use of APE within the Yuga Labs network, potentially sparking more interest in ApeCoin tokens. This development has led to a substantial rise in APE’s trading activity, with its volume soaring over 250% in a brief timeframe, as per data from Santiment.
One more reason for APE’s surge is the recent adoption of LayerZero’s universal Fungible Token (UFT) standard within the ApeChain primary network.
Introducing LayerZero, a versatile interchain communication protocol, empowers APE to serve as the governing token within the ApeCoin Decentralized Autonomous Organization (DAO). Moreover, it’s utilized for processing transaction costs across multiple blockchains.
Can ApeCoin price sustain momentum?
Investor curiosity is growing as more people buy ApeCoin, driven by the fear that they might miss out on potential profits if they don’t jump on this recent upward trend.
As a crypto investor, I can’t help but notice the surge in prices that’s causing quite a stir among many of us. It seems like everyone is feeling the fear of missing out (FOMO) as they watch this cryptocurrency pump with incredible momentum, much like an unstoppable beast.
According to the trader, significant profits will be realized when the All Peoples Equity (APE) price concludes a firm monthly candle above the $1.99 mark.
According to CryptoBull_360, posted on October 21st, it seems that APE is preparing for a significant surge based on the weekly charts, as the descending channel appears poised to reverse its trend!
“Expecting 260% throwback toward $2.75 price zone, Demand for #Apecoin consistently rising on #NFT markets triggering the wave.”
Right now, the Relative Strength Index stands at 88, suggesting that the market might be overbought (as values above 70 indicate this condition), potentially leading to a correction with increased likelihood.
Despite what may appear on the surface, data indicates that APE demonstrates stronger underlying support for potential downturns than the obstacles it encounters when attempting to recover.
According to IntoTheBlock’s IOMAP model, approximately 9,320 investors had previously purchased over 23.1 million APE priced between $1.45 and $1.49.
Increased buying from this cohort of investors is likely to boost APE’s price higher.
The IOMAP chart above also shows that the path with the least resistance for APE is upward.
Keeping an eye on APE, a significant resistance point is around $1.65. This level appears to be favored by many derivative traders as they tend to gear up their positions here. If ApeCoin manages to surge past this mark, it could trigger the liquidation of approximately $8.63 million in short positions.
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2024-10-21 16:10