ApeCoin Price Prediction as Meme Coins Make a Comeback – 10x Potential From Here?
The price of ApeCoin (APE) has dropped by 2% in the past 24 hours, with its fall to $2.03 coming as the cryptocurrency market as a whole refuses to budge today.
Despite this drop, APE is actually up by 11% in the past week and by 14% in the past fortnight, although the token has declined by 44% since the beginning of the year, in contrast to many other top-100 cryptocurrencies.
However, APE's joys in the past couple of weeks coincides with similar gains for other meme-related tokens, suggesting that the market is rediscovering a taste for meme tokens.
This could mean that APE may enjoy ongoing rises in the near future, especially when whales appear to be accumulating the token once again.
ApeCoin looks as though it's at the begining of what could be a significant breakout, with its technical indicators remaining in a position of strength.
Most notably, APE's 30-day moving average (yellow) has just climbed over its 200-day average (blue), forming a golden cross that often happens when an asset is breaking out to a new higher level.
Backing up this indicator is the altcoin's relative strength index (purple), which is rising again after a dip towards 50, and after a longer period in late July and early August when it was consistently below 50 and close to 30.
It therefore seems as though APE is finally making a long overdue recovery of sorts, with its support level (green) also showing signs that the coin is raising its floor and has finished its earlier period of decline.
While little has happened to ApeCoin on a fundamental level that would justify its recent gains, it's clear that whales have begun accumulating the coin once gain, having realised that it's (arguably) highly undervalued.
It was precisely around the time of this
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