Analysts observe that ApeCoin has formed a symmetric triangle pattern which typically indicates a breakout of either side of the market.
ApeCoin put up an interesting show on Saturday and Sunday after surging by nearly 17% within 24 hours. However, the early Monday’s trading hours have seen a pullback with the asset losing about 5% of its value in the last 24 hours. It is currently trading at $5.25 with a trading volume of $419,036,229.74. The trading volume surges by 10% in the last 24 hours. According to market data, its APE/USD pair began at $4.46, surged to $4.66 then hit $5.7 before falling back to its current price.
Ape is the native token of a community-driven initiative meant to assist the expansion and development of the Bored Ape ecosystem called ApeCoin decentralized autonomous organization (DAO). The current mini-rally stems from its previous announcement to create a Non-Fungible Token (NFT) marketplace powered by Ape. In response, it has received proposals from three organizations namely Magic Eden, Rarible, and Yuga Labs.
The Magic Eden proposal titled “Proposal titled “AIP-93: A Marketplace for Apes, by Apes, built by Magic Eden – Brand Decision” was open to voting by the ApeCoin community on September 16 and would be closed on September 22. Based on the current voting status, less than two-thirds of the community has voted against the proposal. With this, users would be able to trade collections including but not limited to BAYC, MAYC, BAKC, and Otherside Otherdeeds.
The second proposal titled “AIP-98: A Community-First ApeCoin DAO Marketplace Proposal – Brand Decision” has so far had a 93.6% approval rating by the community. It proposes to offer a 0.5% marketplace fee on Ethereum listings and a 0.25% fee on ApeCoin listings with another 0.25% fee deducted for community development.
The third proposal titled “AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation” provides no information on its fee structure.
Analysts observe that ApeCoin has formed a symmetric triangle pattern which typically indicates a breakout of either side of the market. It is expected that an increase in demand could cause the price to hit $$5.81. At this point, it will have resistance levels at $6.50 or $7.65. However, a bearish breakout of $4.20 may lead to a support level of $3.04.
Also, RSI and MACD which are leading technical indicators have been sighted at 50 and 0. This means ApeCoin is bullish in the short term.
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