- ApeCoin price surged over 30% from the $1.006 extreme bullish point of interest.
- An increase of 8.90% has been observed in the APE price during the weekly trading session.
- The 24-hour trading volume has reached over $46 million, with an increase of 12.03%
ApeCoin (APE) empowers and incentivises decentralized community building at the forefront of Web3. It is a decentralized ecosystem that the APE token holders govern via a decentralized governance framework. The ecosystem gives third-party developers access to exclusive games and services by using the native APE token to participate. The ERC-20 token is secured by a proof of stake (PoS) consensus algorithm.
ApeCoin Price Performance 2024, Supply Changes, and Valuation
Earlier this year, the APE crypto price faced a negative drawback from the $1.759 level. A decrease of 13.96% has been observed in the crypto value in January 2024. That happened because of the previous upsurges of three consecutive months. The cryptocurrency needed a bullish correction phase.
After the end of the correction phase, the crypto price reflected a positive rise of over 35% from the $1.33 bullish point of interest (POI). Conversely, the market sentiments had changed to bullish, resulting in an almost 40% bullish rally in March 2024. The price reached the $2.64 supply level and is experiencing an opposing rally.
ApeCoin has a capped maximum supply of 1.00 billion tokens. 604 million APE tokens are circulating in the market, covering 60.49% of the maximum supply. It has a current market capitalization of $807.22 million. The total diluted valuation of the ecosystem is estimated at around $1.33 billion.
Price-to-Volume and Social Dominance Analysis
A noticeable rise in tweets has been observed about the ApeCoin crypto after January 18, 2024. It reflected a positive impact on the cryptocurrency price, as can be seen in the chart from January 27. Since then, the price has been on a constant rise. The social buzz is slowly rising in the current phase, covering 0.55% dominance.
Technical Analysis of the ApeCoin (APE) Price
The crypto price slipped below the critical exponential moving averages, reflecting negative sentiments. The death crossover between the 50-day and 200-day EMAs is boosting the negative sentiments in the current phase.
APE price faced strong resistance from the $2.624 level. The price gave 61% opposing movement to the $1.006 extreme support level. The price gained bullish responses from that support level and surged almost 32%. APE price can retest the $1.662 breakdown level and fall to the $1.207 demand zone. Or, if the price closes above $1.890, the price can reach the $2.624 resistance level.
The relative strength index (RSI) shows strong bullish momentum from the oversold area. The RSI and signal lines had a golden crossover, indicating a reversal in strength. The RSI is moving at 39.47 above the signal line.
Summary
ApeCoin crypto Experienced heavy selling from the $2.624 supply zone on March 13, 2024. The cryptocurrency recorded over 60% negative profitability to the $1.006 extreme support level. APE price is trading at $1.319 and can retest the $1.662 breakdown level before falling to the $1.207 demand zone. Or, if the price closes above $1.890, the price can reach the $2.624 resistance level.
Technical levels
- Resistance Levels: $1.662 and $2.118
- Support levels: $1.127 and $1.006
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.