Why ApeCoin’s Price Is Forming Strong Support

ApeCoin’s price has rebounded in recent days as investors buy the dip in the relatively new cryptocurrency. APE is trading at $12.15, which is about 14% above this month’s low. As a result, its market capitalization has risen to over $3.3 billion, while its ranking has increased to 42. It is also the 27th most popular cryptocurrency on Coinbase.

Read more about ApeCoin’s price and discover the world’s most interesting financial news with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.

What is APE and why is its price rising?

ApeCoin is a relatively new cryptocurrency launched by Yuga Labs, the creators of NFT project Bored Ape Yacht Club (BAYC). The coin was launched only a few weeks ago and quickly rose to become one of the most popular cryptocurrencies. In the first few days, the APE price climbed to an all-time high of $18.20.

These gains didn’t last long as investors began to worry about the massive control Yuga Labs has over the network. Although it is a decentralized platform, the control the creators have over the network is considerable. This means that they will always have greater voting power. This power is likely to increase in the coming years.

The ApeCoin price is rising as investors predict that more crypto exchanges will integrate ApeCoin into their platforms. The most notable will be the well-known trading platform Robinhood. This week, the company announced that it has integrated Shiba Inu, Compound, and Solana.

As APE gains popularity, it is very likely that the coin will be listed as well. Robinhood is an online broker with over 17 million active users. The broker’s app allows users to invest in both cryptocurrencies and stocks.

APE is also rising as investors expect the broader NFT and Metaverse sectors to recover in the coming months. Data compiled by CoinMarketCap shows that the sales volume of all NFTs rose more than 44% in the last 24 hours to $48 million. The volume of BAYC and Mutant BAYC has remained constant in the last few days.

ApeCoin Price Forecast

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

Therefore, there is a likelihood that the ApeCoin price will continue to rise as signs of a bottoming out can be seen. If it is the case, the next important resistance will be at US$15. This view will be confirmed if the price confirms above $12.5.

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(Featured image by William Phipps via Unsplash)

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