- ApeCoin price has made a modest recovery in the past few days.
- The coin has formed a rising wedge pattern on the four-hour chart.
ApeCoin price has been in a slow recovery as demand for the coin and the Bored Ape Yacht Club (BAYC) rose. APE is trading at $5.41, which is the highest it has been since June 11th this year. It has risen by more than 80% from the lowest level this year.
Bored Ape Yacht Club events
ApeCoin is the native token for the Bored Ape Yacht Club (BAYC) NFT collection. The coin was started a few months ago with the goal of incentivizing the collection holders.
Like other coins, APE price has been in a downward trend as concerns about the NFT industry remain. Investors are simply worried about whether cryptocurrency prices will continue attracting more demand as inflation and interest rates.
In total, the volume of NFTs traded in platforms like Rarible, LooksRare, Magic Eden, and OpenSea has been falling.
The same trend has happened in BAYC. For example, data compiled by CryptoSlam shows that the volume of BAYC sales has dropped by 54.50% in the past 90 days. The number of sellers has dropped by 30% while buyers have fallen by 32%.
Read more on how to buy ApeCoin.
Other numbers have been disappointing as well. Active wallets have fallen by almost 40% while sales transactions have dropped by 28%. A summary of these figures is shown in the chart below.
ApeCoin price is rising as investors react to the latest developments in the network. For example, its demand has risen after Eminem and Snoop Dogg released a music video on the network. The two, who are well-known ambassadors of the network transform into animated versions of their BAYC characters. At the time of writing, the video has over 8 million views.
There was also an NFT-themed event in New York that attracted prominent celebrities like Lil Wayne and Lil Baby. Meanwhile, Yuga Labs launched a lawsuit against Ryder Ripps for conning consumers with fake bored apes.
ApeCoin price prediction
The four-hour chart shows that the APE price has been in a slow bullish trend recently as investors buy the dip. It has formed an ascending channel that is shown in black. Along the way, the coin has risen above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.
With ApeCoin forming what looks like a rising wedge, there is a possibility that it will soon have a bearish breakout to the key support at $3.13.
