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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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ApeCoin Q1 2024 Performance: Market Cap And Token Price Skyrocket – Key Findings Inside

ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024. 

Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.

ApeCoin Regains Unicorn Status

As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter. 

After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.

ApeCoin

The report also highlighted the unlock of 46.8 million APE tokens from the circulating supply, contributing to the market cap growth. However, this unlocks, and the $16.5 million allocated to governance expenditures potentially created sell pressure on the asset throughout the quarter. 

Another 46.8 million APE tokens were unlocked in Q1 2024, with 22 million APE going to the DAO Treasury and 24.8 million APE distributed to non-DAO entities. The DAO plans to issue or sell APE to fund approved proposals, while non-DAO entities are free to sell once their funds are unlocked.

Despite the additional sell pressure resulting from unlocking and committing 8.3 million APE tokens, the price of APE still saw a substantial 21% QoQ increase. This surge in price indicated a higher volume of buy orders, exerting upward pressure on the asset.

The report also analyzed trading activity, highlighting the dominance of large-volume traders (whales and sharks), who accounted for 63% of the trade volume in Q1. The average decentralized exchange (DEX) swap size increased by 28% QoQ, reflecting the heightened activity among larger-volume traders. 

Furthermore, the transfer volume of APE tokens grew by 12% QoQ, potentially driven by significant transactions following the approval of various governance proposals throughout the quarter.

APE’s Journey Forward

Looking ahead, APE’s utility is set to expand by implementing recently passed governance proposals. AIP-381 aims to build game-focused DAOs and vaults accessible exclusively to APE holders, allowing them to participate in governance and access specific ecosystem assets. 

Additionally, the ApeChain proposal selected Horizen Labs to build a blockchain that utilizes APE as a gas token and potentially supports other asset-related applications.

However, while APE continued to attract new holders, the growth rate of new APE holders did not accelerate despite two consecutive quarters of price increases, according to Messari. 

To address this, ApeCoin DAO formed a branding partnership with a Formula One racing team, among other initiatives, to attract new holders in the future.

On the other hand, the ApeCoin DAO has been actively voting on new governance proposals, approving the building of ApeChain on the Arbitrum technology stack and expanding the utility of the APE token to GameFi DAOs and vaults. 

The average votes per proposal increased by 19% QoQ, indicating growing community engagement. ApeCoin DAO plans to move the voting process on-chain more, promoting decentralization and participation in governance.

ApeCoin

Despite the overall growth witnessed by APE in Q1, the token has recently experienced a significant downturn, aligning with the downward trend in the overall market. APE has suffered a notable decline of over 41% in the past month, leading to its current trading price of $1.148.

Featured image from Shutterstock, chart from TradingView.com

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Crypto Scam Alert: Fraudsters Impersonate Forbes Journalists In Plot To Rob BAYC Holders

In the non-fungible tokens (NFTs) sector, scammers are constantly devising new methods to exploit unsuspecting collectors. The latest incident involves fraudsters posing as journalists from Forbes magazine, specifically targeting Bored Ape Yacht Club (BAYC) NFT holders. 

One BAYC owner, “Crumz,” recently shared his encounter with these scammers, detailing the elaborate scheme designed to steal his digital assets.

BAYC Collector’s Close Encounter With Scammers

According to Crumz, the scam began when he received a direct message on X (formerly Twitter) from someone claiming to be a Forbes editor named Robert Lafranco. 

Intrigued by the prospect of being featured in an article about BAYC, Crumz proceeded cautiously, conducting a cursory online search that seemingly confirmed the person’s identity. Unbeknownst to him, the scammers had meticulously crafted a “facade of credibility.”

The supposed Forbes journalist informed Crumz of their interest in gathering firsthand accounts from BAYC owners regarding their experiences within the club. Despite initial surprise at being approached, Crumz agreed to participate in a scheduled Zoom call. 

Crumz further stated that the scammers failed to show up for the initial call, citing a fabricated family emergency as the reason for their absence. They rescheduled the meeting for a later date.

When the rescheduled call finally took place, Crumz noticed several red flags. The individuals on the call refused to activate their cameras, claiming technical difficulties. 

Another person claiming to be Steven Ehrlich, Forbes’ research director, joined the conversation. Crumz shared his BAYC journey, recounting the early days and highlighting the club’s unique features.

During the call, Crumz alleges that the scammers exhibited further suspicious behavior. They lacked a premium Zoom account and insisted on using multiple call links. 

Additionally, they requested permission to record the screen using a separate recording bot. Although Crumz initially thought nothing of it, alarm bells rang when they asked him to find a banana and say something that resembled his Bored Ape character.

Unable to produce a banana on the spot, Crumz excused himself momentarily, muting his screen. During this momentary lapse, the scammers attempted to take control of his computer, prompting him to intervene when they navigated to the website delegate.cash. 

Ultimately, all of Crumz’s valuable NFTs were securely stored in cold storage, safeguarding them from potential theft. He promptly shut down his computer to ensure his safety, hoping to sever any remote access the scammers may have gained. Crumz concluded:

Hopefully I’m safe now. Don’t think they can still control my computer when I turn it back on. Please be safe out there, it could’ve been a dreadful day today

Decline In Sales And Market Engagement

BAYC has recently witnessed a notable decline in various key metrics. The latest NFT data reveals a decrease in the number of sales, sales volume, and primary sales.

According to the latest figures, the number of sales has seen a significant drop of 33.59%, with 87 sales reported at present compared to 131 sales recorded the previous day. 

BAYC

This decrease in sales has also resulted in a decline in sales in USD, with a decrease of 38.02%. The current sales volume is $2 million, compared to $3 million on Sunday.

In terms of sales volume, primary sales have experienced a 100% decrease, with no current sales reported. In contrast, primary sales generated $12,000 in USD the previous day. Secondary sales volume has also declined 37.76%, with the current figure at $2 million, compared to $3 million from the previous day.

BAYC

Featured image from Shutterstock, chart from TradingView.com 

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The ApeCoin Quandary: Why Additional Losses Could Persist

ApeCoin (APE) finds itself grappling with a tumultuous period as on-chain metrics present a mixed picture while price charts continue to reflect the dominance of bearish sentiment.

In recent weeks, ApeCoin has encountered a series of conflicting signals from its on-chain metrics. While such metrics are typically regarded as essential indicators of a cryptocurrency’s health, they have failed to provide a clear consensus on APE’s trajectory. 

Despite this ambiguity, one undeniable fact remains – bears are firmly in control of ApeCoin’s price movements.

ApeCoin Price Plunge Persists Despite Short-Lived Rebounds

Mid-August witnessed ApeCoin’s value tumble from a relatively promising $2.216 to a worrisome $1.66. Market observers and analysts swiftly responded by plotting a comprehensive set of Fibonacci retracement and extension levels based on this steep decline.

Unfortunately, the downward pressure experienced by APE over the subsequent two weeks has prevented any semblance of recovery, pushing its value even lower than the initial drop to $1.66.

As of the latest data, ApeCoin’s price currently hovers at $1.48 according to CoinGecko, reflecting a 0.7% decline over the past 24 hours. This downtrend is further underscored by a 0.8% slump observed over the course of the past seven days. Despite such precarious circumstances, analysts are identifying potential bright spots within the gloomy horizon.

ApeCoin (APE) has experienced two significant collapses, paralleling the decline of other altcoins in the cryptocurrency market. After dropping below the support level of $1.72 last week, APE has not managed to rebound.

Despite efforts by APE proponents to push for an increase, they have been stymied by adverse market conditions. There’s a prevailing belief among experts that the ongoing bearish trend in the market could continue to negatively impact ApeCoin, potentially leading its price to plummet to $1.

Investor Exodus Fuels ApeCoin’s Woes

In tandem with the persistent decline in ApeCoin’s value, a separate report underscores the alarming exodus of investors, particularly those with significant holdings, colloquially known as whales. Faced with a lack of profit opportunities within the APE ecosystem, these whales have sought more promising investment avenues elsewhere.

This mass departure has undoubtedly contributed to the accelerated downward spiral of ApeCoin. Consequently, as the coin grapples with mounting challenges, questions are raised about its near-term viability.

ApeCoin’s journey in recent times has been characterized by a tug-of-war between uncertain on-chain metrics and the unmistakable dominance of bearish price charts. While the crypto community holds onto hope for potential rallies in the future,

APE’s immediate prospects remain under intense scrutiny. As the market eagerly watches, the fate of ApeCoin hangs in the balance, teetering between revival and irrelevance.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Apecoin Weakens Grip In Last 30 Days – Should Investors Get Worried?

Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value,

APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days. 

This pivot may be contingent on Bitcoin’s performance, particularly its ability to reclaim the price range between $28,000 and $30,000 in the long term.

Challenges Ahead: Bearish Momentum Grips Apecoin

Without a swift change in sentiment, Apecoin holders might find themselves trapped in a downward spiral with no visible bottom. The Relative Strength Index (RSI), a key indicator of market momentum, recently attempted a reversal but was quickly thwarted, driving the index back into the oversold zone. This retreat underscored the persistent selling pressure that has hindered APE’s attempts at a price recovery.

Since April 2023, the market has been dominated by bears, as each attempt by buyers to establish a support level has been met with subsequent losses. The sustained downward pressure has curtailed any bullish initiatives, leaving APE’s future uncertain.

Whale Activity Raises Questions Amid Bleak Outlook

Amid the prevailing bearish sentiment, a notable development has emerged in the Apecoin (APE) ecosystem. A report citing data from LookOnChain reveals substantial activity from a significant APE whale, Machi Big Brother, starting from August.

The whale, making purchases totaling 1.51 million APE tokens, equivalent to a staggering $3.09 million, executed these transactions on Binance.

Machi Big Brother’s substantial investments might indicate confidence in Apecoin’s future prospects. However, the larger sentiment surrounding APE tells a different story. As of August 17, prevailing sentiment remains bearish, with analysts projecting a potential decline in APE’s value to $1.36 by September.

Meanwhile, Santiment’s data revealed an interesting statistic. Apecoin investors have suffered significant losses, with the Market Value to Realized Value (MVRV) ratio falling by -15.90% and -25.49% for monthly and quarterly holders, respectively.

Apecoin finds itself at a critical juncture, grappling with intense bearish pressures that have led to a significant erosion of its value. As market sentiment remains uncertain, all eyes are on both Bitcoin’s performance and APE’s ability to shake off the shackles of bear dominance and regain its foothold in the volatile cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from UnSplash

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Apecoin (APE) Price Ranges As Altcoins Rally; Are Bulls In Control?

  •  APE’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards. 
  •  APE’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price from rallying. 
  • APE’s price remains indecisive on the daily timeframes as the price trades below the 50 and 200 Exponential Moving Averages (EMA).

The price of Apecoin (APE) has failed to rally like other altcoins in the past few weeks as the price continues to stall in its price movement with little hope of a rally to a high of $10 ahead of its anticipated staking. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Apecoin (APE) has remained relatively slow in recent days as buy orders have become slow due to the price facing resistance to breaking higher. (Data from Binance)

Apecoin (APE) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of APE has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent.

After dropping from its high of $27 in recent months with so much hype for APE during the sale of “Otherside” metaverse land, the price of APE has failed to show its price action after rallying from a weekly low of $9 to its high, the price of APE has struggled recently to pull off a rally that has left many in euphoria. 

The price of APE saw its trade at a low of $3 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $7 as the price found itself trading in a range before the price of APE was rejected to a range bound movement. 

Weekly resistance for the price of APE – $7.

Weekly support for the price of APE – $4.5.

Price Analysis Of APE On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continues to look strong as the price could be set to breakout of its long-range price movement to a high of $7; recapturing the key support of $5.5 would be a good sign for the price of APE and would mean price rallying to a high of $7.

The price of APE trades at $5 above the 50 EMA, which indicates a good relief sign for APE’s price on the daily timeframe could be poised for a major breakout if prices close above $5.5 after facing rejection to trend higher. 

Daily resistance for the APE price – $5.5.

Daily support for the APE price – $4.5.

Featured Image From zipmex, Charts From Tradingview

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ApeCoin Shows Bullish Bias; This Level Needs To Be Broken For A Rally To $7

  • APE’s price shows strength as it bounces from a downtrend range price rallied to a high of $5 with eyes set on $7. 
  • APE could rally more as the price creates more bullish bias by breaking out of a downtrend triangle with eyes set on rallying higher.
  • APE’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price action displayed by Apecoin (APE) in the past few days has been tremendous, with Bitcoin (BTC) creating a more bullish scenario across the crypto market; this has also propelled the price of Apecoin (APE) from its key support area. The crypto market is looking increasingly welcoming as many altcoins continue producing over 50% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.15, with many others, like APE showing great recovery signs. (Data from Binance)

ApeCoin (BTC) Price Analysis On The Weekly Chart

Apecoin (APE) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of APE has enjoyed a measure of relief after showing so much strength on the weekly low, rallying to a high of $5.

Previous weeks have been nothing short of a tough and boring time for APE price as price continued in its range movement around $4.2, holding above key support area haven enjoyed some great rally during the “Otherside” metaverse sale.

After its weekly close of above $4.3, the price of APE rallied to a high of $6; the price has faced a minor rejection to break higher to a region of $6-$7; the price struggled to break above this region.

The price of APE has maintained its bullish structure above the $4.3 region, as the price of APE eyes a rally to a region of $6 which could prove to be very key in its price rally to $7. If the price of APE fails to overcome $5-$6, we could see the price drop to $4.5-$4.3

Weekly resistance for the price of APE – $6-$7.

Weekly support for the price of APE – $4.5.

Price Analysis Of BTC On The Daily (1D) Chart

Daily APE Price Chart | Source: APEUSDT On Tradingview.com

In the daily timeframe, the price of APE continued to look strong as the price broke out of its descending triangle, with good volume rallying to a high of $5 but faced a little rejection to flipping this resistance into support and trending higher to a region of $7.

APE currently trades at $4.9, just above its key support formed at $5 after its successful breakout from a descending triangle. The price of APE trades below the 50 EMA, and the 50 EMA corresponds to $5, acting as support for the price of APE. 

Daily resistance for the APE price – $5-$6.

Daily support for the APE price – $4.5.

Featured Image From zipmex, Charts From Tradingview 

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ApeCoin Performance Could Attract The Whales – How About The Bulls?

ApeCoin has recently made it to the top 10 in terms of trading volume from over 100 of the largest ETH whales as seen in the past 24 hours.

  • APE made it to the top 10 in terms of trading volume
  • ApeCoin’s MRV has been seeing sustained growth
  • APE price up by 1.46%

The Bored Ape Yacht Club isn’t running out of cards to play with the integration of a new staking rewards program that caught the attention of many ETH whales. The developments surrounding the BAYC token could be the main culprit for its recent popularity.

The buoyancy experienced with the increase in whale interest is just one of the many impressive developments happening for APE.

ApeCoin Bullish Technical Indicators

For one, ApeCoin’s MRV has been seeing sustained growth and doing tremendously well over the past month. With all of these positive indicators flashing, investors will see this as a bullish streak for APE.

Additionally, APE’s market capitalization has also surged from $1.46 billion to as much as $1.65 billion as of this writing.

According to CoinMarketCap, the APE price has skyrocketed by 1.46% or trading at $5.40 as of this writing.

However, APE’s trading volume has seen a massive reduction from 590.45 million to 141.08 million. ApeCoin also registered a drop in terms of activity which shows the limited wallet transactions.

Based on this scenario, the APE price could sink below the $5.135 key support line in the coming days. Moreover, the altcoin’s RSI at 39.64 and CMF at -0.03 also demonstrate a bearish movement.

Based on the APE chart, there really isn’t much traction noted since its launch in March. Notably, APE has plunged by as much as 80% from its ATH with NFT demand going down; the demand for APE also dwindled down.

There is really so much going on in the NFT market that is causing the sideways motion of ApeCoin.

BAYC Innovates With Rewards Staking Program

If there’s one thing really impressive about the BAYC, it is the creators who continuously reinvent themselves and innovate their brand to be more relevant to their target market. Its staking rewards program is one of its huge developments so far.

With a rewards staking program, the crypto is locked up for a certain period at which you’re not allowed to trade it but it generates passive income for you as the owner. By letting someone gain access to your crypto for a prescribed time, you earn rewards.

Staking rewards are extremely popular with investors because you gain more revenue by staking your altcoin especially if it’s relatively going up in value.

The sneak peeks of the ApeCoin rewards staking program were rolled out on September 3. Recently, on September 22, Apecoin revealed that the rewards staking program will go live on October 31.

APE total market cap at $1.65 billion on the daily chart | Source: TradingView.com

Featured image from MakeUseOf, Chart: TradingView.com

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ApeCoin (APE) Sees Higher Prices Even In Bearish Market Conditions

After the emergence of Decentralized Finance, Non-fungible tokens erupted in the crypto space. The novel sector carried its frenzy wave for a long time before normalizing and continuing a gradual expansion. One of the notable coins from the NFT sector is ApeCoin. 

ApeCoin is built on Ethereum and connected to the Bored Ape Yacht Club NFT launched in 2021. At launch, only one billion ApeCoin tokens were created and fixed without plans of releasing more.

Related Reading: Cosmos Struggles With $17 As Price Heads Into Distribution Phase

During the launch, the team sold some tokens and reserved some for later dispersal.

The Reason Behind Higher Gains Of APE Coin

Earlier this year, analysts predicted that ApeCoin APE could reach $5 by November 2022. But the coin has surpassed the predictions and is currently trading at $5.65 on September 20. Though the ApeCoin APE, at the time of writing, has lost over 7% in the last 24 hours, it added over 10% in the last week. The achievements place it above many coins presently trading in the red.

Many investors now wonder what the force behind ApeCoin’s growth could be. A little research showed that the recent event on its network could have helped to boost the price gain. 

On September 17, ApeCoin treasury gifted 25 million APE tokens to launch contributors. These tokens were part of the ones reserved after launch. 

The event news pushed APE up almost immediately before it settled down again. Fast-forward to September 20, the market sentiment for APE is still positive, gradually moving its price above others in the same league.

APE’s price is currently hovering above $5.50. | Source: APEUSD price chart from TradingView.com
Why Is The Crypto Market Bearish?

The early hours of September 19 saw the whole crypto market in the red. Many coins lost their previous price gains and crashed. This trend started on September 15, immediately after the Ethereum Merge. 

The event expected to reverse the market to a bullish trend now caused the opposite. Bitcoin historical data shows that it lost $1000 immediately after the merge. On the other, Ethereum lost its grip on $1600+, plunging to $1,471.69 the same merge day. 

Three days later, Ether’s price fell to $1,335.33, causing many to say that the upgrade was overhyped. As Bitcoin and Ethereum lost price gains, other cryptocurrencies followed suit, leaving the market in red on September 19. 

But what could be the reason for the price loss? This week opened with a lot of dread as the market awaited the new interest rate hike. Recall that the inflation data released for August was higher than expected. 

As a result, the Federal Reserve is to release a new interest rate, a third-straight 75-basis-point. 

Will The Interest Rate Hike Plunge The Market? 

The meeting for the rate decision kicked off on September 20 and will end on September 21 with the announcement. Currently, the whole financial market awaits the information in fear. 

Some even hinted that the Feds might target a 100-point, a level not reached in the last 40 years. Analysts on Wall Street and JPMorgan Chase keep debating whether the 100-point basis would be the next level. 

Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week

But on the side of investors, a 75-basis point will be suitable for them instead of the feared level. As the meeting is moving towards the end, asset prices have become highly volatile, showing the uncertainty gripping investors. 

By tomorrow, September 21, the Fed’s decision will determine the trend erupting in the crypto market. 

Featured image from Pixabay and chart from TradingView.com

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ApeCoin Eyes $10 Ahead Of Staking, Could This Be A Bullish Catalyst?

  • APE looks bullish ahead of staking as this could be one of the most anticipated stakings in crypto.
  • Price reclaims 50 exponential moving average (EMA) on the daily timeframe 
  • ApeCoin price breaks out of an asymmetric triangle setting up a bullish scenario

ApeCoin (APE) has seen more turbulent times than a rosy start as its price tumbled from $27 to $4 but could be set for a major run ahead of its impending staking scheduled to start in the fourth quarter of this year. The price of ApeCoin (APE) has shown great strength against tether (USDT) ahead of the staking despite the crypto market faced with price uncertainty. (Data from Binance platform)

ApeCoin (APE) Price Analysis On The Weekly Chart 

Although so much speculation about the price of APE performing so well, like its Bored Ape Yacht Club, Mutant Ape Yacht club, and of course, the sale that generated so much talk in the crypto industry, “the Otherside” land sale. The performance of APE was short-lived as the market continued to see a decline in the price of crypto assets.

The price of APE on the weekly chart got rejected as the price tried breaking above $7.5, with the price falling to a weekly low of $4. The price of APE bounced from that level with what seems to be an area of high demand for the price of APE. 

APE price rallied from this region to $5.7, where it has been faced with resistance to breaking above this region to trend higher. The price of APE needs to break and hold above $6 to resume its bullish sentiment.

A break above $7.5 with what looks like a strong resistance would signal strong bullish movement as the price has been rejected severally from that region.

APE looks bullish ahead of the staking, with the staking acting as the catalyst for APE price movement.

Weekly resistance for the price of APE – $7.5.

Weekly support for the price of APE – $4.

Price Analysis Of APE On The Four-Hourly (4H) Chart
Four-Hourly APE Price Chart | Source: APEUSDT On Tradingview.com

The 4H timeframe for APE prices continues to look strong as the price broke out of its asymmetric triangle and closed above it setting up for more bullish movement.

On the 4H timeframe, the price of APE is currently trading at $5.66 above the 50 and 200 Exponential Moving Average (EMA), acting as support for the APE price. The price of $5.2 corresponds to the support at 50 EMA for the price of APE. The price of APE needs to hold the asymmetric triangle to maintain its bullish structure ahead of the staking. 

Four-hourly resistance for the APE price – $6.5.

Four-hourly support for the APE price – $5.2-$4.5.

Featured Image From Boardroom, Charts From Tradingview

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ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?

ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level.

  • APE shows energy, rallies 4.3% in the past seven days
  • Coin impacted by general crypto slump
  • US inflation also weighing down on crypto price

APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.

The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months.

ApeCoin Recent Developments Contributed To Its Surge

With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish.

However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.

ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community.

Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests.

Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).

Crypto Market Experiencing Downtrend

According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.

The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours.

Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday.

U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.

Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation.

Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar.

Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35. 

On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins.

On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12.

APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com

Featured image from The VR Soldier, chart from TradingView.com

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ApeCoin Breaks Out With Degen Play Activated, Can $7.5 Be The Target?

The price of ApeCoin (APE) has recently struggled against tether (USDT) after seeing its price rejected from $7.5. Bitcoin’s (BTC) price showed some great strength bouncing off from a low of $18,500 to a high of $21,000. This movement has affected other altcoins as most cryptocurrencies produce double-digit gains, including ApeCoin (APE). (Data from Binance)

ApeCoin (APE) Price Analysis On The Weekly Chart 

The price of APE has had a difficult time replicating its bullish move that saw the price rally to $7.5 in recent months as the price rallied with a good bullish sentiment. 

After falling from an all-time high of $27.5, APE has struggled to stay afloat as the price fell to a low of $4. APE price has formed good support at $4 with what looks like an area of interest for buyers and investors.

The price of APE closed the week with indecision between the buyers and sellers; with the new week looking more bullish, this shows strength to recover, and with this momentum from APE, we could see the price revisiting the $7.5 mark where it will face resistance to trend higher.

The price of APE is faced with resistance as the price of APE is unable to trend higher in price; if APE flips this region, we could see the price going to a region of $7.5 and even higher.

Weekly resistance for the price of APE – $7.5.

Weekly support for the price of APE – $4.5.

Price Analysis Of APE On The Daily (1D) Chart
Daily Price Chart | Source: APEUSDT On Tradingview.com

APE saw its price rejected from $7.5 as the price fell to a low of $4; the price of APE bounced from this after form support to hold off sell orders.

The price of APE rallied from the low of $4 to $5.1, where it was faced with resistance to breaking above $5.4.

After forming a bullish symmetric triangle and breaking out from a downtrend line, the price of APE broke out with strong bias as the price could be set at $7.5. A close of APE above $5.5 could see the price rally higher after showing bullish movements.

The price of APE trades at $5.1, trying to break and hold above the 50 Exponential Moving Averages (EMA) on the daily timeframe. The price at $5.5 corresponds to the 50 EMA acting as resistance to the price of APE.

APE needs to break above the 38.2% Fibonacci retracement value acting as resistance for the price of APE. If APE breaks and closes above this region, we could see the price going to $7,5.

Daily resistance for the APE price – $5.5.

Daily support for the APE price – $4.

APE Price Analysis On The Four-Hourly (4H) Chart
Four-Hourly Price Chart | Source: APEUSDT On Tradingview.com

The price of APE in the 4H timeframe continues to look bullish after breaking out of a symmetric triangle with bullish signs; the price trades retested below the 200 EMA; flipping the 200 EMA acting as resistance for the APE price would mean more bullish sentiment. 

APE price trades above the 50 EMA, with the price corresponding to $4.7 acting as a support area for the price of APE.

On the 4H chart, the Relative Strength Index (RSI) for APE is below 75, indicating high buy order volume for the APE price.

Four-Hourly resistance for the APE price – $5.5.

Four-Hourly support for the APE price – $4.7-$4.

Featured Image From Capital, Charts From

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APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?

ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks.

  • ApeCoin moving erratic in an ascending parallel channel.
  • Price maintains to hold above the key support zone of $6.5.
  • APE/USD pair gearing sideways spotted at 0.000286 Satoshis.

The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week.

On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days.

APECoin Price Trades at $6.83

According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time.

A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.

At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5.

A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline.

Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening.

RSI Shows Retracement; Bears Trying To Claw Their Way In

ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel.

On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline.

APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel. 

APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com

Featured image from AirdropAlert, Chart from TradingView.com