Apecoin Has Now Bounced Back 25% from it’s Low Point During This Cycle

  • APE is the 33rd crypto asset by market cap
  • The NFT/web 3.0 coin is a governance token
  • APE is trading above $7 after going down by 49.25% in 7 days
  • APE is up by 25% on May 12

Apecoin is the first top 50 coin to showcase a serious bounce back after dropping to a $5.7149 low. Available data at Bitstamp shows that the Yuga Lab’s APE is trading above the $7 mark. This is a remarkable trend reversal considering the state of the market.

Coinmarketcap data confirmed that APE is up by 24.01% in the last 24 hours. This is despite the fact that the coin market has mostly been in red through most of today, May 12.

APE price analysis

Market Cap Up By 29.19%

The bounce in price reflects in the volume of the coin traded, as well as its market capitalization. As seen on Coinmarketcap, APE’s market capitalization has increased to $2.1 billion. This is a 29.19% jump in investor interest in the cryptocurrency. The same is applicable to its fully diluted capitalization which is currently $7.4 billion.

Volume is up By 36.67%

The volume of the coin traded across exchanges has also seen a boost. $2.1 billion was traded, reflecting a 36.67% rise in trading activity for APE.
It is interesting to note that the community voting for the Apecoin DAO was concluded on May 12, the same day of the bounce. The vote for the ecosystem’s Ape Improvement Protocol, AIP-9, which is a governance protocol helps the Apecoin platform to decide on security-related issues as concerning the project.

With the increasing popularity of non-fungible tokens such as BAYC, it is not surprising that APE is making a comeback, even if temporary in the midst of a bleeding coin market.

APE Price Analysis

APE price analysis

The 20-day moving average shows that APE is still in a downtrend despite the bounce. The relative strength index (RSI) also confirms this at 36. So the coin is not yet completely oversold. What is interesting is that it is inching towards the oversold region, which is a good sign. When the volume is factored in, it becomes obvious that APE is poised for a recovery. It is also possible that coin has been pumped due to the DAO vote.

 

This is not financial advice.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.