ApeCoin price soared over the weekend, doubling in value as the launch of the Apechain bridge reversed a year of decline.
But what does 2024 hold for APE crypto? Are there better investment opportunities than BAYC?
The BAYC community has faced challenging times, with floor prices dropping significantly since 2021 and the BAYC-linked Apecoin disappointing holders for much of the past year.
Yet, in a seismic shift over the weekend, following months of development, the Yuga Labs team announced the launch of its highly anticipated “Bridge,” which also came with the activation of ApeChain.
What is ApeChain and the ApeChain Bridge?
ApeChain is a new layer-2 scaling solution launched amid a trend for bespoke Layer-2s. It specifically focuses on facilitating NFT development, minting, trading, and dApps.
While the bridge is nothing technically special, it opens the gates to transferring assets—including meme coins—onto the much-hyped Apechain. The bridge will initially connect ApeChain with Ethereum and Arbitrum.
But perhaps the most exciting for development is the launch of native yields for APE staking, paid out in Apecoin, which provides a much-needed measure to reduce sell-press in the chart.
This also finally gives APE a much-needed utility: validating the Ethereum-compatible ApeChain. So, let’s check out the action on the APE price.
APE Price Analysis: What’s Next For Apecoin After 135% Pump?
As Apecoin attempts to consolidate the explosive recovery gains, APE is currently trading at a market price of $1.47 (representing a 24-hour change of -0.67%).
This comes after two days of upside over the weekend, during which Apecoin mounted a crazed +135% gain, breaking out above long-time frame resistance, which has seen bears dominate the APE price for more than six months.
Now, in minor localized retracement following a halt at the historic price level of around $1.81, APE price seems intent on consolidating the newfound gains above the $1.44 price level.
The upside gain has played out well on the moving averages, with the 20DMA ascending rapidly, suggesting a bullish golden cross could be formed by the end of the week if APE bulls can hold support.
This could supercharge price action, but only once the RSI has cooled down from severely overbought divergence at 87.5 – although this could take a while.
Overall, to the upside, APE price is targeting consolidation – with a ceiling likely imposed at $1.8 for the time being (limiting upside to a potential +18%).
While downside risk is substantial if APE bulls lose control, with a decline from here likely to land on its feet around the psychological price level of $1 just above the 200DMA (a possible -33%).
This leaves Apecoin with a risk-reward ratio of 0.53 in the short-time frame, suggesting a bad late-stage entry for FOMO traders. However, that’s not to say all is lost, as equally explosive movements rock the Pepe Unchained project.
Don’t Miss Out: Whales Invest $50K in This Rising Meme Coin Layer-2 Following APE Crypto’s Surge
But while APE’s growth is nothing to laugh at a much hotter play has gone viral in the market this week, with the far more alluring entry point of a $21.3M market cap.
Known as the successor to Pepecoin (PEPE), Pepe Unchained has emerged as the coin of choice among prudent meme coin traders this week—with far more serious utility than any vapid meme coin in the space.
What’s drawing more investors to the Pepe Unchained presale is its recent announcements about its upcoming L2.
Aimed at meme coin developers, this soon-to-launch high-speed Layer-2 blockchain is designed from the ground up to enable meme coins to be built and deployed at rapid speed.
Better yet? To stimulate initial growth, the benevolent Pepe Unchained development team has launched a grant fund that will fuel astronomical growth as they back the best developers in the meme coin space with multi-million funding to BUIDL.
Whale purchases are becoming increasingly common for Pepe Unchained. One whale acquired 5 million $PEPU tokens for approximately $50,000 earlier this month.
On Monday, another whale exchanged $53,563 worth of ETH for 4.6 million $PEPU tokens.
With whales jumping into the project and top analysts illuminating it as the next big thing in the space – you would be a fool to miss out.
Investing in the $PEPU presale using Ethereum, USDT, or a simple VISA card can instantly stake your $PEPU presale tokens for an additional market-beating 105% APY.
Stay current by engaging with the Pepe Unchained community on X and Telegram.
Find Out More About Pepe Unchained Here
The post ApeCoin Rockets Up 100% as New Project Raises $21M – Could It Be the Next Big Play? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
All Rights Reserved to Amznusa www.amznusa.com
Why Amznusa?
AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.
