ApeCoin (APE) Price Enters Consolidation Phase With a Rally Expected Soon
- The initial price of Apecoin on 17 March ’22 rose by around 588 percent.
- ApeCoin is up 4.88% in the last 24 hours.
An ERC-20 token for the ApeCoin DAO and APE ecosystem, ApeCoin, enables further democratization and development of the web3.0 platform. An initial price surge of 420 percent was achieved on the first day of trading for the APE token, which proceeded to rise at a rate of roughly 590 percent.
When Yuga Labs released its Bored Ape and Mutant Ape NFT collections, they quickly rose to the top of the NFT market. Apecoin was created by Yuga Labs in order to improve its applications and services and make them more efficient. People who own the Bored Ape and Mutant Ape NFTs received 10000 and 2000 tokens on the 17th of March, 2022 in exchange for their tokens.
Many notable businesses have partnered with Apecoin throughout the years, including Animoca Brands and nWayPlay. Apecoin token’s major competitor in the NFT token market is Axie Infinity token. In the Metaverse, NFT tokens may be used by NFT holders, although there are several noteworthy differences between the two groups.
Range Bounded Movements
The initial price of Apecoin on 17 March ’22 rose by around 588 percent. Despite a three-week adjustment period following March’s closing price of $27.8808, the coin ultimately reached its all-time high of $27.8808. Subsequently, APECOIN’s price fell to its lowest point of correction since its introduction on May 9, 2022 (11.6407 – 4.9999), and it is predicted to continue to fall through the third quarter of 2022 if it closes bearish within that range.
The ApeCoin’s relative strength index (RSI) is above the threshold of 25, which indicates a positive outlook. Apecoin is trading inside an upside-and-down triangle. If it breaks support or resistance trend lines the goal is $5 and $10.6 respectively. According to CMC, the ApeCoin price today is $8.10 USD with a 24-hour trading volume of $332,969,105 USD. ApeCoin is up 4.88% in the last 24 hours.
Read more: https://thenewscrypto.com/apecoin-ape-price-enters-consolidation-phase-with-a-rally-expected-soon/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
