Key Takeaways:
- ApeCoin price has been on a recovery rally since Oct. 11.
- The project has a few updates that might help expand the APE ecosystem.
- APE price is moving inside a bullish technical setup.
NEW DELHI (CoinChapter.com) — ApeCoin (APE) is recovering after dropping nearly 85% from its 2023 peak of $6.40.
ApeCoin Price Technical Analysis
The APE price has rebounded over 13% in almost a week to reach $1.143 on Oct. 17. However, long upper wicks on the ApeCoin token price’s recent daily candles highlight the bearish pressure against the token.
For instance, APE price spiked more than 6% from the day’s low of $1.07 on Oct.17 before bears pared most of the gains, defending the 20-day EMA (red wave) dynamic resistance. A continued sell-off would force the crypto token’s price to the immediate support near $1.054.
However, a breakdown below the support might force ApeCoin bulls to defend the resistance near $0.985.
On the other hand, APE price could continue the rally if the token pushes its price above the resistance zone near $1.16. Moreover, breaking and consolidating above the immediate resistance might help ApeCoin price target the 50-day EMA (purple wave) resistance near $1.24.
The RSI for APE remained neutral, with a score of 47.42 on the daily charts.
APE Community Rejects Multiple AIPs
Meanwhile, the ApeCoin DAO community has proposed multiple AIPs (ApeCoin Improvement Proposals) that could translate into bullish cues for the project.
The ApeCoin DAO is voting on an AIP to create an advertising marketplace for the ApeCoin ecosystem. However, over 67.2% of the community members voted against the proposal.
Additionally, the community shot down the ApeCoin Papercraft proposal, which proposed “creating a papercraft model of the Apecoin logo.”
The proposal planned to introduce limited edition versions of the paper model but received a resounding “no” from the community.
However, ApeCoin has not given up its quest to expand its ecosystem. The DAO announced the launch of the APE Accelerator.
Animoca Brands subsidiary Forj built the system, which aims to become the innovation hub for the ApeCoin ecosystem by supporting projects “that amplify the utility and value of the ApeCoin [token].”
Today marks the beginning of a step change in innovation for the ApeCoin community. $APE Accelerator welcomes Web3 founders to apply now and join us in our mission to take the ApeCoin ecosystem to new heights.”
Harry Liu, CEO of Forj, stated
Additionally, the DAO passed the AIP-301, which grants access to “eesee rewarded Testnet.”
Eesee is an NFTFi and SocialFi platform that helps increase sales, adds liquidity to the market, and allows users easier access to the Web 3.0 ecosystem. The project has raised $1.1 million during the seed funding round.
APE Price Moving Inside Bullish Pattern
Adding to ApeCoin’s bullish cues, APE price is moving inside a bullish technical pattern called the ‘Falling Wedge.’
The technical pattern occurs when the price fluctuates within converging falling trendlines, usually leading to an upward price breakout. The target for the breakout is the maximum distance between the wedge’s upper and lower trendlines.
Hence, the theoretical price target for APE is near $1.6, a spike of over 45% from current price levels. The bullish cues and the bullish technical setup could attract buyers to the market, helping the APE price rally to continue.
However, despite the bullish cues, bulls have a tough road ahead, given the intense bearish pressure against the token.
