Apecoin: Can Ape Price Touch $5 Mark by December End 2023?

By Thecoinrepublic.com
3 months ago
NFT RES FND APE

The APE ecosystem is a web3 project that supports various fields such as art, gaming, entertainment, and more. It is based on a decentralized protocol layer that enables community-led initiatives to bring culture into the metaverse.

APE token is the native token of this project, and it is governed by the ApeCoin DAO, a democratic organization where all APE holders have the right to participate and vote on proposals.

The Ape Foundation is a separate entity, it operates and manages the DAO daily, also handles proposals, and assists in making sure the DAO community achieves its goals. The Ape Foundation board consists of five highly influential crypto investors, who serve for six months each.

Also, Yuga Labs, the maker of the Bored Ape Yacht Club NFT collection, has a close relationship with ApeCoin. However, Yuga Labs states that they are not the main direct maker of ApeCoin.

Yuga Labs donated a unique NFT to the ApeCoin DAO treasury and it plans to use ApeCoin as the main and primary token for all its future product features and services. This means that the value of ApeCoin is directly connected to the success of the Bored Ape collection as a whole in future.

What Ape Price Chart Highlights

The APE price exploded from November 2022, elevated higher and higher, establishing new peaks and records along the way. It revealed a stunning 2x growth in the APE crypto price by January 2023. However, it slumped due to investors booking profit and later, landed on a support at around $1.0, by October 10th.

However, the Ape price has exhibited a sign of resurgence as the crypto price rallied from a crucial level of around $1.0 on the charts.

Furthermore, it seems like the crypto is primed for a phenomenal rally in the upcoming sessions, as it prepares to smash the obstacles from the current base zone.

Therefore, if buyers sustain the pressure, Ape price might rise strongly from current levels. The possible target for Ape price is $2.00. On the contrary, if Ape fails to hold its ground and slips past the $1.25 level, it may fall further.

Apecoin crypto price is above the 20, and 50-day exponential moving average (EMAs). The EMA are posing as good support for the price, taking the Ape price trend up. Therefore, Ape Price Prediction shows the outlook that the crypto price could boost if the buyers accumulate more.

Souce: Ape/USD.1.D. BITFINEX TradingView

Apecoin crypto price (Ape) is above the 20, 50, 100, and 200-day EMA’s  (exponential moving average). The EMA is acting as support, taking the Ape price trend up. Therefore, Ape Price Prediction suggests that the crypto price could boost if the buyers accumulate more.

Souce: Ape/USD.1.D. BITFINEX TradingView

The current value of the RSI is 58.07 points and the 14-day SMA is below the median line at 55.48 points. This indicates bullish sentiments as RSI following the 14 SMA line and headed for the overbought zone in the market for the Ape crypto.

Souce: Ape/USD.1.D. BITFINEX TradingView

The MACD line at 0.0655 and the signal line at 0.0548 is below the zero line. Both lines have crossed upward to each other and a bullish crossover is observed in the MACD oscillator, suggesting bullish signals.

Technical Levels

Support Levels: $1.25

Resistance Levels: $2.00

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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