ApeCoin (APE) registers bullish gains amid broader market recovery

The cryptocurrency market has been opposing a lingering bearish trend. Earlier in the week, the price of Bitcoin (BTC/USD) made a huge dip as it dropped to below $40,000. This caused many cryptocurrencies to follow the trend, but the market recovered shortly after, and so did other coins.

ApeCoin (APE/USD) has made slight gains during the past 24 hours. APE is trading at $12.04 at the time of writing after a 3.2% gain in 24 hours according to CoinGecko.

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ApeCoin makes slight gains

APE made notable gains just a few days after it was launched due to the association of the coin and the popular Bored Ape Yacht Club (BAYC). Despite being a new coin, APE is taking the market by storm, and it currently has a market cap of $3.34 billion, making it the 41^st largest cryptocurrency by this metric.

ApeCoin is currently showing signs of moving to higher levels. The market and buyer support are looking good, at least for the time being. In this case, the coin could head towards the upper resistance level at $14.

If the token continues to register gains, buyers could rally the token towards $18, at which point it will have created a new all-time high. There are bullish events happening within the BAYC ecosystem that could aid in these gains. One of these is the recent announcement by Coinbase about releasing a movie trilogy for the Bored Ape Yacht Club.

APE’s price correction

The price of APE could also be headed towards a steep price correction. When the token was launched, it was airdropped to the holders of the BAYC NFT, and after it was listed in cryptocurrency exchange platforms, it made a near 1000% gain.

The price of the APE token could be headed towards a steep decline if the buying pressure and the hype subsides. This could result in the token dropping towards the lows of $10. Increased bearish pressure could take the token further below. Currently, APE’s all-time low is $6, and these lows were created shortly after the token launched.