ApeCoin token has staged a strong comeback in the past few days, thanks to the ongoing traction of ApeChain. The APE token soared to a high of $1.727 on Sunday, its highest point since April 9. It has soared by over 200% from its lowest point this year, bringing its market cap to over $1.1 billion.
ApeChain transactions rise
ApeCoin token surged as on-chain metrics pointed to more interest in the ApeChain network. Data by ApeScan shows that the number of transactions in the network jumped to 890,425 on October 20th, up from 48 on September 17.
Another data shows that the number of addresses in the network rose to a record high of 98,140 on Sunday.
These numbers mean that the recently launched network is gaining momentum among traders and developers. Some of the top players in the ecosystem are games like Dookey Dash, Battle Plan, and Top Trader. Other large players are Ape Express and Camelot, which are in the finance industry.
ApeCoin, which was launched by Yuga Labs, launched ApeChain as the Bored Ape Yacht Club NFT sales dropped. Data by CryptoSlam shows that these NFT sales and floor prices have dropped sharply in the past few months.
ApeChain, is, therefore, Yuga Labs product to create utility for the ApeCoin token and grow its ecosystem. It also seems like most popular cryptocurrencies are creating their independent blockchains.
For example, dYdX, a popular exchange, launched the dYdX Chain in 2023, while Uniswap has unveiled plans for Unichain. Shiba Inu also launched Shibarium earlier this year.
ApeCoin’s token surge coincided with the big increase in its futures open interest. Data by CoinGlass shows that the futures open interest rose to $230 million, the highest point since May 2022.
ApeCoin price analysis
APE chart by TradingView
The daily chart shows that the APE price has staged a strong comeback, soaring to a high of $1.727 on Sunday. It has risen by over 200% from its lowest point this year.
It retested and then retreated below the fourth Woodie resistance level. It remains above the 50-day and 200-day Exponential Moving Averages (EMA), meaning that bulls are in control now.
The momentum, Relative Strength Index (RSI), and MACD indicators have also continued rising in the past few days. ApeCoin has also moved above the key resistance point at $0.887, its highest point in September.
Therefore, the token will likely pull back as investors start taking profits. If this happens, it will retest the key psychological level at $1. A move above Sunday’s high will point to more gains in the near term.
