APE Coin Price Analysis APE Sets Sights on 271 Target Following 100 Weekly Surge
ApeCoin (APE) has experienced an impressive surge of over 100% in the past week, driven by various factors. The ApeCoin project has been gaining momentum due to its strategic partnerships and the growth of the non-fungible token (NFT) ecosystem, among other things. APE has the potential to break out from its current resistance level and reach a price target of $2.71.
The altcoin market is currently heating up, with ApeCoin leading the charge. This surge in activity can be attributed to the recent surge in Bitcoin’s price, which has approached its all-time high of $69k for 2021. The altcoin market is buzzing with excitement as Web3 projects strategically partner up to ensure long-term sustainable growth.
ApeCoin, an ERC-20 utility token that focuses on the NFT space, has seen significant returns in recent days. According to the latest market data, the price of APE has rallied over 100% in the past seven days, reaching around $1.48 during the early European session on Tuesday, October 22.
So, what is driving this incredible surge? Let’s take a closer look.
One key driver behind ApeCoin’s rise is its expanding ecosystem. The project has garnered support from Yuga Labs and other investors, and its latest price rally can be attributed to the growth of its ecosystem and the rising interest from institutional investors and everyday traders. ApeCoin recently launched its mainnet blockchain, Apechain, which aims to enhance NFT minting and trading. This development adds more use cases for the APE token, and many anticipate a broader altcoin rally in the near future.
Whale activity is also playing a significant role in ApeCoin’s surge. On-chain data from Arkham Intelligence has revealed that the official ApeCoin address transferred 8.289 million APE, worth more than $12 million, to Wintermute OTC, a top liquidity provider. This demonstrates strong whale activity, which further boosts APE’s liquidity and market performance.
Looking ahead, APE has promising midterm targets. With a fully diluted valuation of approximately $1.48 billion and a daily average traded volume of around $1.8 billion, this mid-cap altcoin is currently retesting a crucial falling logarithmic resistance level. From a technical analysis perspective, APE’s price is well-positioned to break out from this resistance level, thanks to the support of a vibrant community of investors and developers.
If APE successfully breaks out, the price could reach $2.71, aligning with the weekly 1.618 Fibonacci Extension. However, if there is a rejection at the current resistance level, the altcoin could drop to $1.24.
Are you ready to join the ApeCoin revolution? Invest wisely and enjoy the rewards.
Tags: Altcoins