ApeCoin Price Sees Modest Surge as Yuga Labs’ BluePrint Initiative and Upcoming ApeChain Launch Approaches

ApeCoin (APE) price has surged by 0.2% in the last 24 hours to trade at $0.7282 as of 11:53 a.m. EST on a 43% plunge in trading volume to $106 million. The market cap is now at $489 million.

According to a co-founder of Yuga Labs, the prominent NFT brand ApeCoin is revamping its roadmap with a fresh set of initiatives called BluePrint. The Bored Ape Yacht Club-themed project focuses on launching user-friendly apps to attract new users and foster community growth on the upcoming ApeChain network, which a Yuga Labs employee confirmed is “launching soon.”

APECHAIN x Pyth 🦍🔮

💻 Open-source data distribution
📊Real-time price feeds for crypto, equities, commodities, and more
🔢 Random Number Generator (RNG) integrations
🎮 Adopted by @soneium (Sony Group)

Pyth empowers builders in our ecosystem to build better apps. pic.twitter.com/B0VBbYQqvY

— ApeCoin (@apecoin) September 5, 2024

“ApeChain is focusing on what truly matters: apps,” said Greg Solano, the Yuga Labs and BAYC co-founder who recently stepped into the CEO role at Yuga Labs. “We’re prioritizing top-notch day-one content partners, a comprehensive ecosystem site to easily discover the coolest projects on the chain, and a suite of developer tools to make deploying new experiences on ApeChain effortless.”

Launched in early 2021, the Bored Ape Yacht Club quickly became a leading NFT series during the last bull market, gaining popularity with celebrities and corporate brands. The project expanded its intellectual property by allowing token holders to create content and launching various metaverse and gaming products.

APE Statistics 

• Apecoin price: $0.7282
• Market cap: $489 million
• Trading volume: $106 million
• Circulating supply: 674 million
• Total supply: 1 billion

Apecoin Price Bears Regain Momentum for a Bearish Rally

The Apecoin price has recently experienced an upward trend, which shows the bull’s strength in the market. The bears are seen to have regained momentum at the $0.7671 resistance level. This has led to the formation of a double-top pattern, which symbolizes a high probability of a bearish trend. 

Apecoin price is currently trading above both the 50-day and the 200-day simple moving averages (SMA). All this is about to change since the Apecoin price is seen dropping by forming red candlesticks. On the other hand, the SMAs are seen rising so as to cross above the Apecoin price. When both of the SMAs manage to cross above the Apecoin price, it will resemble the shift of Apecoin price from a bullish trend to a bearish trend.

Technical Indicators Signal Potential Downtrend

The relative strength index (RSI) also supports the probability of a bearish trend. The RSI is currently flowing at 64.25, dropping towards the 50-midline level. This has shown a high likelihood of the bears taking over the market. Furthermore, if the bears continue to control the market, they will target crossing below the 50-midline level, which, in turn, will show a high probability of a bearish rally happening. 

The moving average convergence divergence (MACD) also supports the chances of a bearish rally. The green histogram bars are seen decreasing in size and number as they fade out in color. On the other hand, the orange signal line is also on track to surpass the blue line of MACD. These movements on MACD also resemble the shift of Apecoin’s price from a bullish trend to a bearish trend.

If the bears continue to be in charge, the orange signal line should be able to cross the blue line. Apecoin’s price will aim to drop to $0.5446, which will favor the seller. On the other hand, if the bulls regain momentum, they will push the price high to $0.7906.