The cross-chain bridge was launched on Sunday, and as a result of this, ApeCoin increased by more than 70 percent.
This bridge lets users seamlessly swap APE tokens across the Ethereum and Arbitrum networks and generate a yield on their ApeCoin holdings.
Based on the APE technical analysis, the rally is likely to continue.
ApeCoin (APE) appears to be holding on to its gains on Monday after spiking by over 70 percent in the previous day after the announcement of the cross-modification bridge on ApeChain. This bridge allows users to swap APE tokens between the Ethereum and Arbitrum networks. Also, the technical outlook reasons further extension of this rally.
ApeCoin introduces an additional cross-chain bridge
ApeCoin on its official Twitter accounts, announces the launch of its new cross-chain bridge on ApeChain on Sunday. The announcement ignited the rally as APE served as the gas token for the new gambling platform which saw a 70 percent increase on that day. As a result, this occurrence has increased both the utility and need for APE.
According to the Volume graph from Santiment below, it appears that APE’s trading volume rapidly increased to more than double the amount in just a short time, appreciating by over 250%.
ApeCoin scales its smart contract initiating LayerZero responsive non-tokenized omnichain fungible token (OFT) that makes it possible for the token to migrate between ApeChain, Ethereum, and Arbitrum. Furthermore, Decent, together with ApeCoin, has enabled an inbuilt yield on the users’ ApeCoin balances such that no manual actions are required to earn a yield apart from ensuring omnichain interoperability is adhered to.
ApeCoin technical outlook
The weekly chart for ApeCoin shows that the $1.11 weekly resistance level is now clearly broken, after a near100% rise last week. That said, John Apter states that the price target retracement of this level owing to significant FIB levels is about 1.51, and the lower retracement level for this price is 0.473. Recently, ApeCoin made retracements@ 1.5. On Monday, APE's price reached these highs and is seeking to build momentum around that area.

Should APE close above the level of 1.51, the intermediate level of 2.29 would be the target for the uptrend. Support levels of the 2.68 area would also be useable should we manage a close above 2.29.
The weekly RSI momentum indictor till date stands at 63 which is above neutral level of 50 as well as slight from overbought territory recommending that bullish pressure is becoming quite visible.
The daily chart has also flipped bullish as it broke and closed above the daily pivot at $1.34 onSunday. Should APE continue its rise, it may encounter its next barrier at the resistance level of $1.84 which represetns 61.8 Percent Fibonacci retracement resistnace level.
The daily chart has the RSI at 87 over the overbought level. It is advisable for traders not extend their long positions as a pullback is likely.

Nevertheless, should APE not be able to hold the strategic daily support at $1.34, this would increase further the rally to end the session at a loss of 27% to reach closer to the 200 day EMA protective threshold of $0.976 that is about equal to the succeeding daily demand base of the $1.00 price zone.

#APE #Apechain #BinanceTurns7 $APE

Date: Sun, Oct 20, 2024, 10:49 AM GMT
The crypto world was buzzing with excitement recently when Apecoin (APE), the cryptocurrency linked to the Bored Ape Yacht Club (BAYC) and its broader ecosystem, experienced an impressive surge of 65% in the last 24 hours, reaching $1.25.

Source: Coinmarketcap
This spike came hot on the heels of the much-anticipated launch of Apechain, a new blockchain network built on Arbitrum technology. Here's a breakdown of what this means for $APE holders and the broader crypto community.
What is Apechain?
Apechain isn't just another blockchain; it’s a specialized network designed to enhance the utility of Apecoin. Positioned as a Layer 3 solution, Apechain aims to offer faster transactions, lower fees, and a platform for developers to build apps directly integrated into the APE ecosystem.

Source: Apechain
This move is part of a broader strategy to make Apecoin more than just a governance token or a speculative asset, transforming it into a functional part of a thriving digital economy.
The launch also included an official cross-chain bridge, enabling users to move tokens like ETH and APE across multiple chains into Apechain.

Source: Apechain
With the mainnet launch, Apecoin is no longer just an ERC-20 token on the Ethereum network — it now operates on its own blockchain.
The Impact on Apecoin's Price
Following the launch of Apechain, Apecoin’s price rose dramatically. The market cap jumped from $565 million to a current $948 million in a single day. Here’s what fueled the surge:
Increased Utility:With Apechain, APE is now used as the native gas token for transactions, creating continuous demand. This reduces sell pressure and gives APE an essential role within the ecosystem.Boost in Investor Confidence:The Apechain launch wasn’t just a technical upgrade but a milestone event that improved market sentiment. Positive developments like this often attract new investors and signal long-term growth potential.
What Does This Mean for Investors and the Crypto Space?
For APE Holders:The price surge following the Apechain launch presents short-term gains, but the long-term value will depend on how well the network is adopted. If developers build successful applications, the sustained demand for APE could drive further growth.Now users can also bring their tokens to Apechain to start earning native yield on APE, ETH, and various stablecoins. This new yield-earning opportunity adds another layer of utility, incentivizing users to hold and participate actively in the ecosystem.For Crypto Enthusiasts:Apechain highlights the growing trend toward specialized blockchains and Layer 2 or 3 solutions that aim to improve scalability and cut costs. Other projects might follow this model, signaling a future where tokens are valued for their real utility, not just speculative interest.
Conclusion
The launch of Apechain and the subsequent surge in Apecoin’s price reflect a pivotal moment in the evolution of cryptocurrency ecosystems. It’s not just about creating a new token; it’s about building a sustainable, utility-driven environment.

For investors, this moment signals the importance of looking beyond price charts and focusing on real-world applications and community engagement to assess long-term value. As Apechain evolves, it will be fascinating to see how it influences the broader blockchain landscape and whether it sets a new standard for token utility.

Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct thorough research before investing in cryptocurrencies.
#Apecoin #Apechain