As a seasoned researcher with a penchant for blockchain and digital assets, I find myself intrigued by ApeCoin’s recent surge. Having closely followed the crypto market since its inception, I must say that this rally seems to be fueled by more than just the general market recovery.
In a three-month high, the well-known cryptocurrency, ApeCoin, created by the minds behind Bored Ape Yacht Club, experienced an increase.
On September 10th, ApeCoin (APE) hit an all-time high of $0.892, which was its peak price since July 3rd, and a staggering 90% higher than its lowest point in 2022.
The resurgence took place as many cryptocurrencies rebounded, with Bitcoin (BTC) climbing up to $57,000 following a dip to $52,000 previously in the week. Additionally, the Crypto Fear and Greed Index moved from the fear zone of 30 to a neutral position at 46.
The surge in ApeCoin is driven by excitement surrounding the imminent launch of ApeChain’s mainnet. This new platform will be constructed upon Arbitrum (ARB), the most significant layer-2 network within the crypto sector. Its primary focus will encompass content, tools, and distribution, with APE playing a dual role as both the energy token for the ecosystem and the governing token.
The cost of ApeCoin increased following the announcement that developers would integrate it with Pyth Network, a major player in the oracle sector. Oracles are systems that safely transfer off-chain data to blockchains.
1) It’s announced that Pyth Data will join ApeChain, which is a decentralized platform built on Arbitrum One and freely accessible. ApeChain utilizes the Optimistic L3 for its settlement, as launched by Arbitrum Orbit. 🔮
— Pyth Network 🔮 (@PythNetwork) September 5, 2024
In preparation for the upcoming launch of ApeChain’s mainnet, developers have revealed their strategic plan. This roadmap includes a focus on compatibility with Arbitrum, emphasizing a user-friendly environment. The project team aims to capitalize on partnerships with renowned brands to attract both more developers and users to the platform.
The challenge, however, is that the layer-2 industry has become highly saturated, with networks like Base, Optimism, Polygon, and Blast having substantial market share. Also, the Bored Ape Yacht Club ecosystem has struggled, with data showing that sales and the floor price have dwindled.
ApeCoin price analysis
The daily chart shows that the APE price has bounced back in recent days. This rebound began when the token bottomed at $0.566, forming a double-bottom pattern with a neckline at $0.802.
In the realm of technical analysis, a double-bottom pattern is often viewed as a highly optimistic sign. Specifically, Asset Price Equity (APE) has surpassed its 50-day Exponential Moving Average, and the Relative Strength Index (RSI) is drawing near to the overbought zone.
Consequently, the value of the coin might keep climbing due to investors aiming for the Fibonacci Retracement level of 23.6%, which stands at approximately $1 and represents a 22% increase from its September 10th price point.
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2024-09-10 16:04