Apecoin’s price has dropped by more than 50 per cent this month. However, in today’s trading session, Apecoin is up by 19 per cent, reversing a five consecutive day downward move that saw the cryptocurrency lose 48 per cent of its value.
In the past 24 hours, Apecoin’s trading volume has surged by 148 per cent, bringing the total amount of Apecoin traded to $2,243,287,877. The surge also pushed the average daily trading volume of the cryptocurrency to over $2 billion for the month of May. Since its launch this year, Apecoin has also been the fastest growing cryptocurrency, partly contributing to its growth.
The past few days have also seen Apecoin become the third most purchased cryptocurrency by Ethereum whales. On average, the research from Beincrypto showed that these whales were buying about 12720 APE, which amounted to $157,000.
Another factor that may have contributed to today’s spike in price is the mainstreaming of their products. A few days ago, Elon Musk put one of the company’s NFTs as his Twitter profile picture. Although it is not confirmed whether he had purchased through the site, Tesla CEO, who is also likely to become the Twitter owner, actions sent the prices of Bored Ape token soaring. There has also been a shift in how people view NFTs.
Apecoin Price Prediction
Looking at the four-hour chart below, we can see the prices of Apecoin have been in an aggressive bearish move. However, the prices have started to recover in today’s trading session. The session has recorded an Apecoin price rise of over 6 per cent. The chart also shows that there is a very high likelihood of the prices continuing to rise throughout the trading session.
Using the chart, there is a high likelihood that the prices will continue rising to possibly trade above the $13 price level. However, the long-term trend is still bearish, and the current price gains are a bullish flag. Therefore, long-term investors should look for short positions because the bearish trend is likely to last for the next few weeks.