ApeCoin, the cryptocurrency launched by the Bored Ape Yacht Club creators, recently hit its highest point in three months. On Tuesday, Sep. 10, ApeCoin reached $0.892, marking its peak since July 3 and achieving a 90% increase from its lowest point this year.

This recovery coincides with a broader rebound in the cryptocurrency market. Bitcoin jumped to $57,000 after dropping to $52,000 the previous week. Additionally, the crypto fear and greed index shifted from the fear zone of 30 to a neutral point of 46.

ApeCoin’s rally has been driven by anticipation of the upcoming ApeChain mainnet launch. The new chain will be built on Arbitrum, the largest layer-2 network in the crypto industry. ApeChain will focus on content, tools, and distribution, with APE serving as the gas and governance token for the ecosystem.

The price surge was also influenced by the developers’ announcement of their integration with Pyth Network, a major oracle provider. An oracle securely brings off-chain data to the blockchain.

Pyth Data is coming to ApeChain by @apecoin 🔮

ApeChain is an Optimistic L3 settling on Arbitrum One, launched permissionlessly with Arbitrum Orbit. Developers have also unveiled a strategic blueprint ahead of the ApeChain mainnet launch. As part of its roadmap, the project aims to align with Arbitrum by focusing on a user-centric ecosystem. The team plans to leverage partnerships with well-known brands to attract more developers and users.

Despite these advances, the layer-2 industry remains highly saturated, with networks like Base, Optimism, Polygon, and Blast holding significant market shares. The Bored Ape Yacht Club ecosystem has also faced challenges, with data showing a decline in sales and floor prices.

ApeCoin Price Analysis

The daily chart indicates that APE has bounced back in recent days. This rebound began when the token bottomed at $0.566, forming a double-bottom pattern with a neckline at $0.802. In technical analysis, a double-bottom is one of the most bullish patterns. Notably, APE has crossed above the 50-day Exponential Moving Average, while the Relative Strength Index has moved closer to the overbought level.

As a result, the coin may continue to rise as buyers target the 23.6% Fibonacci Retracement level at $1, approximately 22% above the Sept. 10 levels.

Stay updated on more cryptocurrency news and developments on Global Crypto News.

Post Views: 1