Apecoin Price Soars 95% in a Week Following the Launch of Apechain on Mainnet

Highlights:

• Apecoin has surged 95% in a week, as APE hit the $1.75 mark since April.
• Its recent surge comes following the launch of ApeChain on Mainnet.
• With the Apecoin price in the overbought region, a correction is imminent.

The Apecoin price has plunged almost 1% today, with the APE/USD trading at 1.47 at press time. Its 24-hour trading volume has notably plunged 12% to $1.60 billion, indicating a drop in market activity. Despite the slump, APE is now up 95% in a week, 82% in a month and 32% in a year. 

Over the weekend, the governance token of the Bored Ape Yacht Club ecosystem rallied, doubling in value and hitting $1.75 for the first time since April. This comes following the recent launch of ApeChain on Mainnet, which has created a surge of excitement in the community. The Apechain enables users to transfer their tokens to ApeChain, opening up new opportunities for earning yields on APE, ETH, and various stablecoins.

Hey you 🫵

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🟪What Is… pic.twitter.com/Imy4v1OJVM

— Elena🌸 (@ElenaaETH) October 20, 2024

As a leading NFT project token, APE’s rally could signal a broader resurgence in the NFT and GameFi sectors. This pump might inspire confidence and attract attention back to these markets. Let us dive into the technical outlook and decrypt more.

Apecoin Statistical Data

Based on CoinmarketCap data:

• APE price now – $1.47
• Trading volume (24h) – $1.60 billion
• Market cap – $1.11 billion
• Total supply – 1 billion
• Circulating supply – 752 million 
• APE ranking – #64

The Apecoin price action in a 1-day chart timeframe highlights a recent surge in bullish momentum. Initially, the price traded in a period of consolidation, moving sideways, indicating a balance between buying and selling forces.

This consolidation phase is often seen as a buildup before a significant price movement. Following the consolidation, the price broke out sharply, forming a steep upward curve resembling a parabolic move. This parabolic rise indicates strong buying pressure and a rapid price increase. The APE price increased steadily on October 20, hitting $1.75, a value last seen in April, before slightly retracing to $1.47.

Technical Indicators Flash Bullish

Meanwhile, technical indicators signal that the bulls have the upper hand, as the price trades are above all the moving averages. The bulls have flipped the $0.77 and $0.94, the 50-day and 200-day SMAs, into immediate support zones, supporting the bullish outlook in the market.

However, the Relative Strength Index (RSI) cautions investors of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area, almost hitting a 90-level strength currently at 85.96. Investors won’t have to worry about sudden pullbacks with the RSI above 70; this position also means a correction is imminent.

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture in the APE market. This calls traders to consider buying APE manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

Apecoin Price Prediction

The Apecoin price boasts a bullish outlook, as the bears are nowhere to be seen. However, with APE in the overbought region, it might be prudent to carefully watch for the RSI’s rejection from that region to time the reversal and avoid the bull trap.

Early profit bookings may commence in such a case, dwindling the price to $0.94 (coinciding with the 200-day SMA). Conversely, the price could rally if the bulls sweep liquidity and build momentum after a pullback. If a strong tailwind builds behind APE, it could increase, reclaiming the $1.75 mark. The bulls may target the $2 mark in a highly bullish case.