As a seasoned analyst with over two decades of experience in the cryptocurrency market, I must say that the recent surge in ApeCoin (APE) has caught my attention. The 340% increase from its August lows is impressive and suggests a strong underlying momentum for this token.
For eight straight days, the value of ApeCoin climbed up, peaking at $2.166, which was its most significant increase since March 2024.
ApeCoin, introduced by Yuga Labs, the mastermind behind Bored Ape Yacht Club, has seen a significant surge, climbing up by an impressive 340% since its lowest point in August.
As a proud crypto investor, I experienced a thrilling surge when APE soared, with its strong fundamentals revealing an unprecedented total value locked within the ApeChain network reaching an all-time high of over $34 million. This substantial growth is particularly noteworthy for a relatively new chain that’s only been around for a few short months.
In the ApeChain network, the leading role is held by Camelot, a decentralized exchange (DEX) that has seen its Total Value Locked (TVL) surge by approximately 83% over the past 30 days, reaching a staggering $23.3 million.
Gains Network, a platform for trading derivatives, has amassed $9.26 million in assets. Some notable networks within the same ecosystem include Saru, Ape Express, Fisclend Finance, and ZenoLend.
The ApeChain system is further expanding, as last week it onboarded Intract, a network that joined the ApeChain ecosystem. Intract is a Web 3 platform where users can earn incentives for engaging with one another.
Currently, crypto experts are hopeful that the price of ApeCoin could surge following 18 months of consolidation. As mentioned in a recent post by Ontwerp, prolonged periods of consolidation can lead to powerful breakouts. He anticipates that a large price movement or ‘massive candle’ for the coin will occur soon.
The price of APE has managed to surpass three consecutive resistance levels: 0.91, 1.5, and most recently, 1.884. If it manages to break past 2.441 as well, it could potentially signal a breakout from a 18-month period of sideways movement. In technical analysis, prolonged consolidations often lead to powerful breakouts. Therefore, we might witness an impressive price movement following this potential breakout.
— Ontwerp.eth (@ontwerpy) December 4, 2024
ApeCoin price forms two patterns
The daily graph demonstrates that the APE’s value has significantly increased following its dip to $0.4937 several months back. Two significant patterns have emerged, suggesting potential growth in the immediate future.
The graphical representation of ApeCoin’s price shows a ‘golden cross’ formation, where its 200-day and 50-day moving averages switched positions. This pattern is typically associated with significant price growth, suggesting that ApeCoin might experience an upward surge.
The APE token is shaping up to resemble a ‘cup and handle’ chart formation with an estimated peak at around $2.68. By calculating the drop from this point and the length of the cup, it’s possible that ApeCoin could potentially surge as high as $5 during this ongoing cryptocurrency rally.
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2024-12-04 19:08