Originally published on: October 21, 2024
The ApeCoin (APE) has been on a wild ride, with prices soaring by 100% following the launch of ApeChain, the much-anticipated blockchain network. From a low of $0.861 on Oct. 20, APE surged to a six-month high of $1.75 on Oct. 21, marking a remarkable 130% increase over the past four days.
The excitement surrounding ApeChain’s launch has fueled ApeCoin’s bullish momentum, with traders and investors eagerly jumping on board. The ERC-20 governance token is currently trading at $1.53, up 16.5% in the last 24 hours and a staggering 125% in the past week.
ApeChain, unveiled by the Yuga Labs team, serves as a layer-3 blockchain that functions as a cross-chain bridge. This cutting-edge technology allows users to seamlessly transfer APE tokens, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) across the ApeChain, Ethereum, and Arbitrum networks.
With the launch of ApeChain, the utility of APE within the Yuga Labs ecosystem has significantly expanded, driving up demand for ApeCoin tokens. Moreover, the integration of LayerZero’s Omnichain Fungible Token standard into the ApeChain mainnet has further propelled APE’s price rally.
The recent surge in ApeCoin’s value has caught the attention of investors, who are eager to capitalize on potential gains. The fear of missing out (FOMO) has been palpable, with traders predicting a massive breakout for APE in the near future.
While the relative strength index indicates overbought conditions, APE’s downside support remains solid, providing a strong base for its upward trajectory. The IOMAP chart reveals that APE is poised for further gains, with a clear path to upward movement.
As ApeCoin continues its meteoric rise, traders are keeping a close eye on key levels, with $1.65 being a critical point to watch. Any breakthrough beyond this level could trigger significant liquidations of short positions, potentially fueling APE’s ascent even higher.
Please note that this article does not offer investment advice and readers are encouraged to conduct their own research before making any trading decisions. Stay tuned for more insights and updates on ApeCoin and the dynamic crypto market landscape.