ApeCoin Price Analysis: APE Eyes $2.71 Target After 100% Weekly Jump
Qadir AK22 Oct 20242 min read
The altcoin market is heating up, with ApeCoin (APE) leading the charge. Riding the wave of Bitcoin’s (BTC) recent surge towards its 2021 all-time high of $69k, the altcoin market is buzzing with excitement. Web3 projects are strategically partnering up to secure sustainable growth in the long run.
ApeCoin, an ERC-20 utility token focused on the non-fungible tokens (NFT) space, has registered palpable returns in the past few days. According to the latest market data, APE price rallied over 100 percent in the past seven days to trade at about $1.48 on Tuesday, October 22, during the early European session.
Want to know what’s driving this incredible surge? Keep reading.
Key Drivers Behind ApeCoin’s Rise
Expanding Ecosystem
ApeCoin’s rapid growth is backed by Yuga Labs and other investors. Its latest price rally can be linked to the project’s expanding ecosystem and rising interest from both institutional investors and everyday traders.
Earlier this week, ApeCoin launched its mainnet blockchain, Apechain, to enhance NFT minting and trading. This move adds more use cases for the APE token, as many anticipate a broader altcoin rally in the near future.
Whale Activity
On-chain data from Arkham Intelligence revealed that ApeCoin’s official address transferred 8.289 million APE, worth more than $12 million, to Wintermute OTC, a top liquidity provider. This shows strong whale activity, further boosting APE’s liquidity and market performance.
Midterm Targets for ApeCoin
After an impressive performance in the past week, the mid-cap altcoin, with a fully diluted valuation of about $1.48 billion and a daily average traded volume of around $1.8 billion, is currently retesting a crucial falling logarithmic resistance level.
From a technical analysis standpoint, APE’s price is well positioned to break out from the current resistance level, backed by a vibrant community of investors and developers.
In case of a successful breakout, APE price will be aiming for $2.71, which coincides with the weekly 1.618 Fibonacci Extension. However, a rejection at the current resistance level will push the altcoin towards $1.24.
Are you ready to join the ApeCoin revolution? Invest wisely and reap the rewards.
