Orhan ApeCoin ($APE) Sees Significant Price Surge Following ApeChain Launch
One of the most popular cryptocurrencies in recent times, ApeCoin ($APE), has experienced a significant price increase. The value of ApeCoin surged by 100% after Yuga Labs launched its new ApeChain platform, surprising investors.
ApeCoin (APE) saw a substantial price increase alongside the new blockchain network, ApeChain. After a drop of 80% from its peak in 2022, APE had lost 70% of its value in just the first few months of 2024. However, following the launch on October 19, 2024, its value doubled within two days.
One of the reasons for ApeCoin’s rise is the platform Ape Express. Ape Express offers a one-click token creation feature for creating and trading memecoins. Within 24 hours of its launch, the platform attracted over 137,000 unique visitors and saw the creation of more than 2,600 tokens.
APE Price Movement: Will This Surge Continue?
Following the ApeChain launch, the price of APE experienced a 100% increase. APE broke the $0.87 resistance level, rising to $1.73, briefly surpassing the 0.5 Fibonacci retracement level. However, this surge may not be sustainable, as the price showed a long upper wick, indicating increased selling pressure.
Critical Levels to Watch for Investors and Traders:
– Important Price Levels: A closing above $1.83 for APE could confirm a trend reversal and allow the price to reach higher levels, possibly even $2.
– Support Levels: Falling below the $1.30 level would indicate that this movement is merely corrective and could lead to new low levels.
What is ApeChain?
ApeChain is developed as a Layer 3 network based on Arbitrum One, designed to work in full compliance with the APE token, offering new possibilities for NFT minting, trading, and decentralized applications (DApps).
The Future of APE: Will It Rise or Fall?
The launch of ApeChain has been a very positive catalyst for the APE price, resulting in a 100% increase. However, the long-term trend remains uncertain. A closing above $1.83 could indicate that the bullish trend will continue in the long run, while falling below the $1.30 level may signal further declines.
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