Since YugaLabs launched ApeChain, the price of ApeCoin (APE) skyrocketed, gaining 100% to hit the 78 RSI mark. The web3 supporting ApeCoin doubled its value as crypto users indulged in staking once the ApeChain made its debut.
The ApeChain is a system of enhancing the token utility by encouraging crypto users to participate more actively in APE through staking pools and games. The high RSI is indicative of heavy buying and trading activity. This is because large holders of the ApeCoin are selling it as the 1-10 million APE holding reduced to 166 from 175 last month, suggesting that big crypto investors are not trusting the price surge.
APE seems to be overvalued as the RSI rapidly increased to 78 from 35 this week. This has prompted many crypto traders to speculate on a price drop. In order to keep up its upward trend, the ApeCoin needs to move towards $2.07, breaking past the $1.82 barrier. The token's support levels are at $1.10 and $0.94. If the ApeCoin’s prices go down below the support levels then APE could settle at $0.54 which is a 60% drop from this week’s trading point.
Speaking of the price movement of APE, cryptocurrency price predictor Telegaon said “the average price of ApeCoin can be around $2.05 in 2024.” The website added that meme coins like APE are not expected to skyrocket this year. They are expecting a maximum trading price of $3.19 for APE in 2024. Meanwhile, CoinCoidex has predicted a 237.66% surge in APE meme coin, speculating that it can reach $5.01 by January 20 next year.
The contrast in APE predictions indicates that the token’s growth can’t be trusted. While Telegaon envisions a modest growth to $3.19, CoinCoidex is expecting a 200% surge. At present, market data and investors’ sentiment are reflecting the Telegaon forecast.
As of October 23, 11:55 pm UTC, APE is trading at $1.21 down by 8.05% while its trading volume and market capitalization are lingering at $377.29 million and $913.12 million respectively.