The climb towards a recovery for ApeCoin (APE) appears to be underway as per an analysis of its recent market performance. Despite bearing a 2% drop within the last 24 hours, the token is found to be up by 11% in the past week and by 14% in the past fortnight. Interestingly, the token has seen an overall slump of 44% since the year’s inception, a stark deviation from the trend being followed by numerous top-100 cryptocurrencies.
Parallelism is observed within the upward trajectory of other meme-themed tokens alongside APE’s recent increases, suggesting a resurgence in the market’s interest in meme tokens. This could potentially propel APE towards further ascent, particularly when large-scale investors, or “whales”, are speculated to be stockpiling the token recently.
Technical indicators suggest that APE could potentially be on the cusp of a significant breakout. APE’s 30-day moving average has surpassed its 200-day average, resulting in a ‘golden cross’. This event usually signifies an asset breaking into a new higher level. Likewise, APE’s relative strength index mirrors this positive outlook, bouncing back towards a rise after dipping close to 30 during a span in late July and early August.
Amid all this, a shadow of uncertainty looms over the longevity of APE’s continued growth, given the absence of new or substantial developments on ApeCoin’s horizon. On the brighter side, APE’s overselling period followed by signs of whale accumulation could hint a medium-term rally.
Interestingly, despite the general downward trend in the NFT market since 2021’s peak bull season, trading volumes for Bored Ape NFTs still closely parallel the November 2021 figures. This fact could bolster the belief that APE might bear steady upward trajectory in the medium to long-term, potentially revisiting its $4 mark by the year-end.
A market anomaly persists as new presale tokens promise potentially substantial returns post their listing on exchanges. Core among them is Launchpad.xyz (LPX), a comprehensive Web3 platform that initiated the presale of their native LPX token in July. The platform has already drawn upwards of $1.2 million, thanks to its diverse functionality including a play-to-earn game hub, a presale launchpad, a trading terminal, and a cryptocurrency-focused AI-powered search engine.
This well-rounded offering potentiates LPX’s projected trajectory, while its current $0.0445 price point could be dwarfed once the presale concludes and listing on exchanges commences.
Source: Cryptonews
