Bulls Are Active and Breakout is Likely

ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystem. ApeCoin was launched by the ApeCoin DAO, which acts as a governing body where all ApeCoin holders are members.

How Owning Apecoin Benefits the Investors

ApeCoin has been designed to provide utility in addition to governance and can be used for transactions and payments within Web3 applications. One of the major purposes is empowering the  ApeCoin holders to participate in the ApeCoin DAO. ApeCoin provides exclusive access to events, merchandise, services, and games. It is a tool for third-party developers to incorporate into their projects.

The ApeCoin DAO’s purpose is to facilitate and support community-led proposals and ideas to become a reality for the holders. Both Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) are among the largest NFT collections on the Ethereum blockchain. 

Airdrop That Got the Most Attention

Airdrops to all holders of Bored Ape and Mutant Ape NFTs added to the popularity of these NFT collections. For each Bored Ape NFT, 10,094 tokens were allocated, and for each Mutant Ape NFT, 2042 tokens were allocated. 

With the launch price of ApeCoin hovering above $15, holders of these NFTs received between $30,000 to $150,000 worth of ApeCoin for free per NFT. This gave the launch and airdrop event of ApeCoin more publicity and fame. Based on the data of the ApeCoin Airdrop, 98.11% of people have already claimed their tokens.

Prediction of APE Coin Price 

At the press time, the APE coin price is trading at $1.38 after the bulls broke the major resistance of $1.303, which is now its immediate support. The new resistance is at the $1.561 level while the 2nd resistance is at the level of $1.802. 

The 50-day EMA is below the current price action, at $1.341. The price prediction for the current trend will be bullish if the immediate resistance is broken. As the RSI is also in the neutral zone, a firm prediction is not there.

Conclusion

ApeCoin was launched by the ApeCoin DAO which acts as a governing body where all ApeCoin holders are members. The purpose of ApeCoin DAO is to facilitate and support community-led proposals and ideas to become a reality for the coin holders. The current trend in the APE coin price is sideways while the prediction is shallow.

Technical Levels

• Support Levels: $1.303 and $1.053
• Resistance Levels: $1.561 and $1.802

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.