ApeCoin, the popular cryptocurrency launched by the creators of Bored Ape Yacht Club, has hit a three-month high.
ApeCoin (APE) hit a high of $0.892 on Tuesday, September 10, marking its highest point since July 3 and 90% above its lowest point this year.
Its recovery came as most cryptocurrencies rallied, with bitcoin (btc) climbing to $57,000 after falling to $52,000 last week. The crypto Fear and Greed Index also moved from the fear zone of 30 to the neutral point of 46.
ApeCoin’s rally has been fueled by anticipation for the upcoming launch of the ApeChain mainnet. The new chain will be built on top of Arbitrum (ARB), the largest layer-2 network in the cryptocurrency industry. It will focus on content, tools, and distribution, with APE serving as both the ecosystem’s gas token and governance token.
The price of ApeCoin also increased after the developers announced their integration with Pyth Network, one of the largest oracle providers in the industry. An oracle securely brings off-chain data onto the blockchain.
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The developers also unveiled a strategic plan ahead of the launch of the ApeChain mainnet. As part of their roadmapThe project plans to align with Arbitrum and focus on a user-centric ecosystem. The team aims to leverage partnerships with well-known brands to attract more developers and users.
The problem, however, is that the layer-2 industry has largely become saturated, with networks like Base, Optimism, Polygon, and Blast holding substantial market share. Additionally, the Bored Ape Yacht Club ecosystem has struggled, with data showing that sales and price floors have declined.
ApeCoin Price Analysis
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The daily chart shows that the APE price has been recovering over the past few days. This rally started when the token bottomed at $0.566, forming a double bottom pattern with a neckline at $0.802.
In technical analysis, the double bottom is considered one of the most bullish patterns. It is worth noting that the APE has broken above the 50-day exponential moving average, while the relative strength index has approached the overbought level.
As a result, the coin may continue to rise as buyers target the 23.6% Fibonacci retracement level at $1, which is about 22% above the September 10 levels.
