Why Is Apecoin (APE) Pumping? Price Has Bottomed Out, Gearing for More Upside to Reach This Level
Apecoin (APE) has surged by 8% today and 15% in a week. Its 24 hours trading volume has also increased by 150% in the last 24 hours. What’s the cause of this sudden rise?
A Look at APE’s Fundamentals and Use Cases
ApeCoin is a token that operates on the ERC-20 standard and serves as both a governance and utility token within the APE Ecosystem. Its purpose is to empower and incentivize a decentralized community that is actively involved in building the web3 ecosystem.
Holders of ApeCoin have the ability to govern themselves through a decentralized governance framework. This framework controls the ApeCoin DAO (Decentralized Autonomous Organization), allowing holders to vote on how the ApeCoin DAO Ecosystem Fund should be utilized. The Ape Foundation, in turn, administers proposals that have been agreed upon by ApeCoin holders.
In summary, ApeCoin is a token that enables a decentralized community to govern itself and make decisions regarding the use of the ApeCoin DAO Ecosystem Fund. This token plays a crucial role in incentivizing and empowering participants within the APE Ecosystem, which is at the forefront of the web3 movement.
Technical Analysis
According to Captain Faibik’s chart, it seems APE has bottomed out on January 23, 8 days ago. Since then the price has been increasing and it is on the verge of breaking a major resistance trendline that has blocked the price since April 2023.
If the price breaks this key $1.6 resistance, we could be looking at a major breakout towards $5 or even higher.
So in summary, strong fundamentals combined with bullish technicals suggest Apecoin could see significant upside in the short term if key resistance levels are broken.
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