Apecoin bounces 80% in two days – will the rally continue?

Key Takeaways:

  • Apecoin pumps 85% in the previous two days.
  • APE charts paint a conflicting picture, while the trading volumes weaken
  • The ecosystem saw several bullish developments
Apecoin bounces 80% in two days
image from medium.com

YEREVAN (CoinChapter.com) – Apecoin (APE), the crypto-descendent of the popular NFT collection bored apes yacht club (BAYC), soared over 80% in 48 hours and traded at $9.2 in the Asian Pacific session Friday. Previously, the token had bottomed out at nearly $5 on May 12.

Apecoin (APE) price action on May 13. Source: TradingView.com
Apecoin (APE) price action on May 13. Source: CoinMarketCap.com

APE/USD: bullish continuation or correct ahead?

APE’s price rally shows weakness as the trading volumes have declined in parallel. The deviation between the decreasing trading volumes and the bullish price creates a Bearish Divergence, which hints at a looming correction.

Thus, APE holders might not have much time to celebrate. Moreover, the altcoin remains dependent on broader market conditions and Bitcoin (BTC) price.

Also read: Apecoin (APE) gains 6% amid red crypto day – sell-off risks intensify.

However, Apecoin exhibited several bullish signs that could further fuel the rally.

For example, the token’s trend-based oscillators kept the bullish streak. The MACD histogram printed growing green candles, while the relative strength index (RSI) crept above the median 50 mark into the ‘high expectations’ territory.’ Additionally, the APE/USD exchange rate charted above its 20-day exponential moving average (EMA-20).

Apecoin (APE) four-hour price action. Source: TradingView.com
Apecoin (APE) four-hour price action. Source: TradingView.com

Considering the bullish factors’ trend-based nature, they cannot constitute a final forecast. The indicators stem from the bullish price action and cannot cause a continuation, either way, bringing the declining trading volumes back into prominence.

Also read: Apecoin (APE) price jumps nearly 40% on Yugalabs airdrop rumor.

Meanwhile, the coin inched its way closer to the top 30 digital assets by market cap, as it ranked #33 on Friday with $1.99 billion. Furthermore, the digital asset saw several fundamental developments.

Apecoin adoption grows

As announced on Thursday, Telcom, the “first telecom-focused cryptocurrency,” partnered with several Metaverse tokens, including APE. In addition, the “new Telcom ecosystem assets” included Axie Infinity (AXS), Chainlink (LINKS), Decentraland (MANA), and others.

Also read: Ethereum Whales Stockpiling Shiba Inu, Apecoin, and other altcoins – On-Chain Data.

Moreover, the Apecoin community is voting on several proposals to benefit the ecosystem.

One of those is AIP-29, for receiving financial support from the APECoin DAO for Ape Drops. In addition, the offer contained further details on the fund distribution and the “motivation” behind it, suggesting that it would become a “curated NFT platform for the APE community.”

Also read: Terra chain halts after LUNA crashes 99.9% – can the token pull a phoenix?

The other proposal is AIP-36, which appoints Guy Oseary as an ApeCoin representative to “support ApeCoin through impactful partnerships and initiatives.” The voting on both proposals will conclude on Wednesday, May 18th at 9 p.m. ET, announced the tweet.

ApeCoin, Apecoin bounces 80% in two days – will the rally continue?

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