After An Insane Rally! $ APE Price Primed to Hit Before Surging Back to In Coming Week?
Apecoin shook the entire crypto space with its gigantic rise on its inception. The ecosystem received a huge influx of liquidity as the volume jumped high by more than 42,500% to reach straight $ 9.2 billion at the press time. Despite the minor pullback, the asset appears to be poised to range high and eventually secure its position in the top 10.
The APE price after hitting the ATH with a few moments of its inception fell into a deep bearish trap. However, fighting with the odds, the price maintained a decent uptrend. The asset faced a couple of rejections at $ 16.3, forming a double top pattern. And hence the possibility of a minor pullback is quite expected. However, the asset may prevent sliding below the newly formed support at $ 14.5.
After an insane rally, the APE price is currently shedding its gains and re-routing itself towards the lower, initial support. Therefore one can expect an interim pullback towards $ 11 levels which can be a good entry as said by one of the popular analysts Altcoin Sherpa.
The Apecoin is a decentralized, ERC-20 governance and utility token that is used to empower and incentivize community building on Web3. The total supply of the coin is capped at 1 billion which are all minted at once. Among the total supply, 62% was allocated to the Eco-system fund which will fund the Apecoin DAO. On the launch, nearly 30.25% of the coins were in circulation which is to be increased gradually at regular intervals over the 48-month period.
The APE price at the press time is around $ 14.90 with a huge jump of 115.24%. The market cap also witnessed a huge spike of more than 100%, standing at $ 4.1 billion, very close to that of Decentraland(MANA) market capitalization. However, the Apecoin price is expected to rebound and surge high. A popular YouTuber and an NFT proponent, predicts, the APE price to hit not less than $ 25 soon.
The NFT space which was assumed to be dead, displayed a huge upswing to regain the focus of the traders. However, after a huge influx, the APE price remained a little silent but after accumulating strength a rebound is imminent.