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ApeCoin price prediction: Signs of APE bottoming emerge

ApeCoin price prediction: Signs of APE bottoming emerge

Last updated 5th Aug 2022
Disclosure
  • ApeCoin price has found a strong support at $10.
  • It has risen as the volume of NFTs has held steady.
  • There is a likelihood that it will be integrated in more exchanges.

The ApeCoin price has bounced back in the past few days as investors buy the dip in the relatively new cryptocurrency. APE is trading at $12.15, which is about 14% above the lowest level this month. As a result, its market cap has risen to over $3.3 billion while its ranking has moved to 42. It is also the 27th most popular cryptocurrency in Coinbase.

What is APE and why is it rising?

ApeCoin is a young cryptocurrency that was launched by Yuga Labs, the creators of Bored Ape Yacht Club (BAYC). The coin was launched a few weeks ago and it quickly moved up the cryptocurrency ladder. In its first few days, the APE price soared to an all-time high of $18.20.

These gains did not last long as investors started worrying about the massive control that Yuga Labs have on the network. While it is a decentralized platform, the creators’ control in the network is substantial, meaning that they will always have a bigger voting power. This power will likely keep increasing in the coming years.

The ApeCoin price is rising as investors predict that more exchanges will integrate it into their platform. The most notable one will be Robinhood, the giant trading company. This week, the firm announced that it had integrated Shiba Inu, Compound, and Solana.

With APE gaining popularity, there is a likelihood that it too will be listed. Robinhood is a company with over 17 million monthly users. It allows people to buy cryptocurrencies and stocks.

APE is also rising as investors predict that the broader NFT and metaverse industry will rebound in the coming months. Data compiled by CoinMarketCap shows that sales volume of all NFTs jumped by more than 44% in the past 24 hours to $48 million. The volume of both BAYC and Mutant BAYC has held steady in the past few days.

ApeCoin price prediction

On the two-hour chart, we see that the APE price found a strong support at $10.50. It has struggled moving below this level several times in March and this month. It has also moved above the 25-day and 50-day moving averages and is nearing the important resistance level at $12.40. The MACD has moved above the neutral level.

Therefore, there is a likelihood that the ApeCoin price will keep rising since signs of bottoming have emerged. If this happens, the next key resistance level will be at $15. This view will be confirmed if it moves above $12.5. Read our guide on how to buy Apecoin.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.