The price for ApeCoin surged over the weekend. This was marked by the opening of the Apemeta bridge which had been mute for nearly a year because the market price of the coin increased over the weekend.
In terms of APE crypto, what are the expectations for the year 2024? Or will the investors find areas to invest their money that is even more profitable than BAYC?
BAYC community members have had a hard time over the last year and most of 2021 as well when they saw the floor price of the NFTs go down and the curtains closing on Apecoin associated with the BAYC collections for quite a lot of time.
Yet, in a seismic shift over the weekend, following months of development, the Yuga Labs team announced the launch of its highly anticipated âBridge,â which also came with the activation of ApeChain.
What is ApeChain and the ApeChain Bridge?
ApeChain is a new layer-2 scaling solution launched amid a trend for bespoke Layer-2s. It specifically focuses on facilitating NFT development, minting, trading, and dApps.
While the bridge is nothing technically special, it opens the gates to transferring assetsâincluding meme coinsâonto the much-hyped Apechain. The bridge will initially connect ApeChain with Ethereum and Arbitrum.
However, probably the most interesting for the development is the launch of APES staking that will earn native Apecoin as yield and will help significantly lower the sell-pressure on the chart.
This also finally gives APE a most welcome utility: a way to validate the Ethereum-compatible ApeChain. Well, letâs see the action on the APE price then.
APE Price Analysis: Whatâs In Store For Apecoin After Its 135% Price Surge?
As Apecoin now looks to solidify the tremendous recuperation plaudits, APE price right now is at a value of $1.47 (a 24 hour change of -0.67%).
Apecoin investments made steady gains over the weekend, where Apecoin starting with a psychotic +135% increase during one of its best performances to break a three month and extended bear pressure on the APE price chart.
Whatâs next for the APE crypto when the market over the weekend saw a loss for a year but the Apechain bridge launch has helped push the Apecoin market upward?
Nonetheless, after briefly touching the key resistance level of around $1.81, in what can only be described as moderate price correction, APE price appears to be seeking to push its price higher from the $1.44 mark and this price range holds substantial potential.
The upside gain has done well on the moving averages, with the 20DMA increasing very rapidly so that if bulls are able to hold support, a bullish golden cross could be seen by the end of the week.
This may boost price activity only when the RSI pulls back from extreme overbought divergence, currently at 87.5, which might take a while.
Apecoin price has gone to the moon after an entire year as the Apechain bridge go live reverses a year of drifting down south, but whatâs in store for APE crypto in 2024?
All in all, on the upside APE price is looking for a range end with maximum likely to be $1.8 for now (capping the upside to a plausible +18%).
If on the other hand APE bears lose power which is a large downside risk if APE bulls are not in charge, then the fall from where APE is now may well end around the psych price point of around $1 above the 200DMA (-33.00).
Currently giving Apecoin a risk-reward ratio of 0.53 at a short-time frame suggesting a poor late stage entry for FOMO traders. Having said that, all is not lost as the Pepe Unchained project sees just as massive moves.
