Amid a downturn in the broader crypto market, ApeCoins (APE) has posted a 3.34% 24-hour increase in its value.
While other coins succumbed to bearish pressure, ApeCoin has resiliently pushed its value into the $1.140 region.
APE’s price moves over the past few days reflect an increasing buy pressure. But will the token create a high rally to double its value soon? Let’s explore the possibilities.
APECOIN Suffers Bearish Sentiment – Will It Rebound?
According to the chart above, APE has followed a ‘Channel-Down’ trading pattern since January 27, 2023. This means its price has been consistently decreasing over the mentioned period.
However, it recorded positive strides this week, overturning the downward push. APE now trades above a support level of $1.07. This suggests that there might be a potential shift in the trend.
One key indicator supporting this potential shift is the Moving Average Convergence/Divergence, which has risen above the signal line. This is often a sign that more buyers have entered the market.
If more buyers influx, APE could rise further to the previous resistance at $2.12, representing an increase of 87.6% from the present value.
In addition, if the momentum is sustained, the market can reach the next crucial point at $3.37. Based on this analysis, APE will potentially rebound if more buyers enter the market.
ApeCoin Maintains a Bullish Momentum – Could the Value Double in the Next Quarter?
ApeCoin has been on an upward trend amid the high volatility in the broader crypto market. As of 07:10 AM EST on September 22, APE traded at around $1.13.
APE is among the top crypto assets with positive gains over the past 24 hours. According to CoinMarketCap, ApeCoin is ranked as the fourth-top gainer after Zilliqa (ZIL), Terra Classic (LUNC), and Curve DAO (CRV).
Also, ApeCoin’s price trend over the past seven days proves its sustainability for a potential higher surge in the future. APE scaled up by over 2.85% within the past seven days.
With a further progressive increase in value, APE could scale its value higher and double its value.
Some Recent Events Spiking the Value of APE
The ApeCoin DAO has witnessed recent events that contributed to the price surge of APE. Jeffrey Huang, Machi’s big brother within the ApeCoin community, initiated the AIP-304 proposal.
The proposal focuses on driving the crypto protocol’s engagement in Web3 by acquiring NFTs. It will enable the APE Foundation to allocate about 11 million APE tokens to the Digital Art Movement (DAM) organization.
Further, DAM will utilize at least 70% of the proposed coins for purchasing NFTs like BAYC, MAYC, Punks, and BAKC from Yuga Labs. The remaining 30% is for acquiring digital collections from other prominent projects.
The AIP-304 proposal, whose voting started on September 15, was concluded on September 21. The result shows a majority supportive vote with about 16 million APE coins in favor, representing 64.92% of votes. Those against the proposal garnered 8.5 million APE, representing 35.08% of votes.
The proposal aims to increase ApeCoin’s cultural impact on digital art. The influence will create a more sustainable engagement in the ApeCoin ecosystem and possibly bring a rise in the value of APE.
BTCBSC Moves Past $4 Million, Proceeds to Sell Out
Since the start of Bitcoin BSC ($BTCBSC) presales, the project has accumulated over $4 million. This puts the project on the list of the most anticipated presales recorded this year.
Notably, after the presale, the asset will launch on decentralized exchanges, and performance is expected to scale its value by 2x.
Inspired by Bitcoin, the project is built on the Binance Smart Chain (BSC), indicating its increased sustainability. Also, BTCBSC mirrors some of Bitcoin’s features, such as BTC’s total supply of 21 million and BTC’s selling price of $0.99 in 2011.
However, through a stake-to-earn mechanism, the project addresses some of Bitcoin’s limitations, such as low energy efficiency. The project rewards users who stake their coins with 0.25 tokens for a new block every 10 minutes, accumulating an annual percentage yield (APY).
So far, the APY is at 120%, with 2,184,527 BTCBSC tokens staked. As usual, the more participants join the staking, the lower the APY.
With 69% of the total supply designated for stake rewards and distributed over 120 years, BTCBSC includes utility in its functionalities.
It is worth noting that BTCBSC’s stake rewards are distributed every ten minutes. However, they are exclusive to long-term compounding to prevent cases of pump-and-dump.
In the meantime, a referral program is ongoing to attract more investors to the project. Interested individuals can invite their friends through an exclusive link and earn 5% on every purchase.
Kickstart your $BTCBSC Referral Program journey today! 🌐
Bring your friends on board and earn 5% from every purchase made via your exclusive link.
Link your wallet, grab your referral link, spread the word and enjoy the benefits. 💰
— Bitcoinbsc (@Bitcoinbsctoken) September 21, 2023