Apecoin Price Prediction: Why Could APE Coin Trade Bullish Above $18?
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- APE Foundation was established to assist the decentralized growth of the APE ecosystem.
- Transactions on the ApeCoin blockchain have risen from 298k to 360k and are expected to rise further.
- APE/USDT is trading with a bullish bias at $19.65, having formed “Three White Soldiers” on the daily timeframe.
The ApeCoin price prediction continues to be bullish as the series of EMA are suggesting an uptrend above $18. Speaking about the fundamentals, the Bored Ape Yacht Club is one of the most popular non-fungible token (NFT) initiatives emerging from the recent digital asset boom (BAYC). According to NonFungible.com data, as of March 28, the collection of profile photos (pfps) depicting cartoon images of apes is the second-largest NFT project in terms of all-time sales volume of $2.9 billion.
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What Exactly is Apecoin?
Apecoin (APE) is a new cryptocurrency coin that debuted in mid-March to grow the BAYC ecosystem. When the APE NFT coin first began trading on March 17, its price soared to $39.40 before plummeting to $8.52.
However, on April 19, it increased by 57 percent due to rumors of a property auction in the Otherside metaverse – a project that APE’s employers at Yuga Labs are said to be working on. This was enough to send the price skyrocketing in an already volatile climate. Today (April 27), Apecoin is up 10% to $19.61.
In this post, we will look at the Apecoin digital currency, how it operates, and forecast sites’ predictions on how the price will change in the future. For example, the APE Foundation has launched the BAYC Crypto Coin.
APE Foundation & ERC-20 Governance
The APE Foundation was established to assist the decentralized growth of the APE ecosystem. It allows holders in the decentralized autonomous organization (DAO) to create new third-generation Internet (Web3) applications and services, including the Apecoin. Apecoin is an ERC-20 governance and utility token based on Ethereum.
As the broader market turned green today, most altcoins did as well. Others, on the other hand, corrected their massive hikes from the day before, ApeCoin being one of them.
ApeCoin Set to Recover Losses
While APE was down by 4.64 percent in the early hours of April 27, however, it recovered and rallied the rest of the day to mark a 10.13 percent increase. Soon after, the altcoin experienced an 8.61 percent drawdown, reducing the overall rally of the previous 24 hours to just 7 percent.
Aside from this one-day increase, APE has performed exceptionally well as an investment vehicle this month. In just 20 days, the altcoin increased by 82.32 percent, from $10.65 to $19.3. It was trading at $19.65 at the time of publication. The correction appeared to be necessary because the market had become overheated due to the APE’s consistent appreciation. Furthermore, red candles can aid in the cooling process.
ApeCoin Price Prediction – APE Adoption to Drive Uptrend
The altcoin’s increasing adoption is driving this consistent bullishness. It has increased by 44 percent in just one month. Transactions on the ApeCoin blockchain have risen from 298k to 360k and are expected to rise further. The network is adding approximately 1102 new investors every day, which is sufficient for a cryptocurrency launched just over a month ago.
On the contrary, it is disheartening because BAYC is not a random NFT collection. Instead, the collection has historically conducted more than $1.53 billion in trades with a floor price of 138 ETH ($414.3k). As a result, while a mediocre increase is disappointing in the case of APE, a rise in this market is sufficient.
A slow and sustainable rise gradually attracts more and more investors to the asset. Following some concerns earlier this month, APE holders began to appear in the last week. The network was expected to have around 14k active addresses at the time of publication. 14k holders represent nearly 27 percent of the investors present and participating on a given day, out of APE’s 52k holders.
This is a significantly higher proportion of participation than Bitcoin’s 2.4 percent, Ethereum’s 0.6 percent, and Cardano’s 0.37 percent. This demonstrates that APE continues to have strong investor support. This is critical in pushing the price above $20.
ApeCoin Price Prediction: Can APE/USDT GO After $22?
The APE/USDT is trading with a bullish bias at $19.65, having formed “Three White Soldiers” on the daily timeframe. The series of EMA is providing support at $17.80 and the closing of candles above this is likely to drive an uptrend in the APE coin.
On the higher side APE/USDT is likely to face major resistance at $20. A surge in APE demand could drive a bullish breakout and lead APE price toward $22. The RSI and MACD are also in support of a buying trend, therefore, we should consider looking for a buying trade-in APE coin today.
Alternatively, the violation of a $17.80 support can drive a downtrend until the next support level of $15.60 level. Good luck!
