ApeCoin Price Surges to 8-Month High Amid Strong Fundamentals

ApeCoin has been on a tear, rising for eight consecutive days to reach a high of $2.166, its highest level since March 2024. The cryptocurrency, launched by Yuga Labs, the creator of Bored Ape Yacht Club, has jumped by 340% from its August lows.

ApeChain Network Sees Record High TVL

The ApeChain network, which was launched a few months ago, has seen its total value locked (TVL) jump to a record high of over $34 million. This significant increase is attributed to the growing adoption of the network’s decentralized applications (dApps). Camelot, a decentralized exchange (DEX), is the biggest player in ApeChain’s network, with its TVL jumping by 83% in the last 30 days to $23.3 million. Other notable dApps in the ecosystem include Gains Network, Saru, Ape Express, Fisclend Finance, and ZenoLend.

ApeChain Ecosystem Expansion

The ApeChain ecosystem is also growing, with the recent addition of Intract, a Web 3 network that rewards users for interacting with each other. This expansion is expected to further increase the adoption and usage of the ApeChain network.

Crypto Analysts Bullish on APE Price

Crypto analysts are optimistic about the APE price, with some expecting a significant breakout after consolidating for 18 months. As noted by Ontwerp, “the longer the consolidation, the stronger the breakout.” He expects the coin to form a massive candle soon, with a potential breakout above $2.441.

$APE has broken out of 3 resistance levels now. 0.91, 1.5 and now 1.884. If it breaks out of 2.441, we can now see it breakout of an 18 month sideways consolidation.

APE Price Forms Bullish Patterns

The daily chart shows that the APE price has been in a strong uptrend after bottoming at $0.4937 a few months ago. The price has formed two key patterns that point to more gains in the near term:

  • Golden Cross Pattern: The 200-day and 50-day moving averages have flipped each other, often a sign of a parabolic move.
  • Cup and Handle Pattern: The price is forming a cup and handle pattern with an upper side at $2.68. Measuring the depth of the cup and its distance from its upper side, ApeCoin could potentially jump to $5 in this crypto bull run.

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