• The price of ApeCoin (APE) has declined by 44% since the start of the year, but is up 11% in the past week and 14% in the past fortnight.
• Recent gains appear to coincide with similar movements for other meme-related tokens, suggesting that the market may be rediscovering a taste for meme coins.
• Whales have recently been accumulating ApeCoin, which could be a signal to smaller investors that APE is undervalued.
ApeCoin Price Prediction
The price of ApeCoin (APE) has dropped by 2% in the past 24 hours, with its fall to $2.03 coming as the cryptocurrency market as a whole refuses to budge today. Despite this drop, APE is actually up by 11% in the past week and 14% in the past fortnight, although it has declined by 44% since the beginning of 2021.
Meme Coins Making a Comeback?
Recent gains for APE appear to coincide with similar movements for other meme-related tokens, suggesting that the market may be rediscovering a taste for meme coins. This could mean that APE may enjoy ongoing rises in the near future, especially when whales appear to be accumulating the token once again.
Technical Indicators Point To Breakout
ApeCoin looks as though it’s at the begining of what could be a significant breakout, with its technical indicators remaining in a position of strength. Most notably, APE’s 30-day moving average (yellow) has just climbed over its 200-day average (blue), forming a golden cross that often happens when an asset is breaking out to a new higher level. Backing up this indicator is also APE’s relative strength index (purple), which is rising again after dipping towards 50 and being consistently below 50 and close to 30 during late July and early August.
Whales Accumulating ApeCoin
It was precisely around when whales began withdrawing from Binance that ApeCoin started rising aggressively again, with news about whale interest potentially acting as an indication for smaller investors also buying into APE. Although there isn’t necessarily much happening on ApeCoins fundamental level yet that would justify recent gains, it’s clear that whales have begun accumulating again because they believe it’s highly undervalued.
Conclusion: 10x Potential From Here?
It’s hard to say how long ApeCoins rally might last but given how long it had been oversold beforehand suggests at least some medium-term success ahead backed up by strong technical indicators such as its 30 day moving average crossing above its 200 day average as well as its relative strength index scaling back above 50 after sinking towards 30 earlier this year