The price of ApeCoin (APE) has jumped by 10% in the past 24 hours, with its move to $1.26 today also representing an 11% gain in a week.
This makes APE one of the best-performing cryptocurrencies of the past few days, with the governance token starting to compensate for the steep losses it has incurred over much of 2023.
Indeed, with APE still down by 76.5% in the last 12 months, the altcoin still has plenty of lost ground to recover, something which could mean that it has more gains in the store over the next few days and weeks.
APE Price Prediction as ApeCoin Climbs 11% This Week. Heading Back to $2?
APE’s indicators make it clear that the altcoin was long overdue a big rebound, given just how undervalued and discounted it had become in recent weeks.
Its relative strength index (purple) had spent much of August and September at or under 30, which again signals some strong overselling, and it had actually spent most of the previous months of the year below 50 (if not lower).
Similarly, APE’s 30-day moving average (yellow) has been very far below its 200-day average (blue) for most of the year, implying that the coin had been sold to a much greater extent than its previous levels would have justified.
But while it seems that today’s rally has seen APE turn a corner, it should be remembered that its long-term support level (green) has been declining for pretty much the entire year, with the coin actually down by 65% since January 1.
As such, it shouldn’t be concluded too prematurely that APE’s fortunes are now changing, even if the past couple of weeks had seen it consolidate around the $1.10 level before rising today.
In terms of fundamentals, there doesn’t seem to be any major ApeCoin-related news that could have sparked today’s rally.
On the contrary, it seems that the main cause of today’s spike is that the cryptocurrency market as a whole has recovered after weeks of losses, with the general uplift having a disproportionate effect on coins – such as APE – that had fallen disproportionately in the previous months.
Many analysts had suggested that APE was due a rally, largely by virtue of just how oversold it had become.
Yet even though the NFT market continues to be depressed by comparison to previous years, there have been a number of quietly positive ApeCoin developments in recent weeks, helping to support APE’s price.
Most notably, the past few days have witnessed the emergence of a few interesting new governance proposals, including one which would make NFTeams the official Web3 sporting league of ApeCoin’s Otherside metaverse.
And speaking of the Otherside, this planned metaverse could be the release that enables Bored Ape Yacht Club and ApeCoin to regain much of their lost momentum.
There’s currently no firm release date for the platform, yet its release could see APE climb much higher than it is now, potentially helping it to return to its current all-time high, of $26.70.
As for the shorter term, APE could be expected to reach $2 by the end of the year, with a return to more bullish conditions in early 2024 helping it towards $3 and beyond.
New High-Potential Altcoins
APE may require the full launch of Yuga Labs’ Otherside to really get going, which means that many traders may be inclined to diversify into other, newer altcoins in order to secure some above-gains more quickly.
One way of doing this is investing in presale tokens, with the recently listed Wall Street Memes (WSM), for example, rallying well beyond its final listing price today.
While the WSM presale has finished, one promising ongoing sale at the moment belongs to Meme Kombat (MK), an Ethereum-based gaming platform where users will place wagers on the outcome of AI-generated fights between popular meme characters.
Meme Kombat’s presale has already attracted more than $120,000 so far, which is impressive insofar as the sale has been running for barely a week.
It seems that what’s attracting new investors is Meme Kombat’s unique mix of battle gaming and gambling, with users able to bet against each other (or against the platform itself) in order to win rewards in the form of MK tokens.
With a hard supply cap of only 12 million, MK can be used for placing bets and for staking, meaning that users will be able to earn a passive income from it.
50% of the token’s overall supply has been reserved for the presale, and with another 30% being allocated to staking and battle rewards.
Meme Kombat will also be holding 10% of its supply for community rewards, something which will help grow its following and incentivize more engagement, which will prove positive for its price in the longer term.
Investors can join its sale by visiting the official Meme Kombat website, where they can connect their software wallets to buy MK.
MK will cost $1.667 for the entire sale, which will end with the token being listed on various trading platforms, where it could make early investors a significant profit.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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