ApeCoin, the popular cryptocurrency launched by the founders of Bored Ape Yacht Club, has surged to its highest level in three months.
ApeCoin (APE) reached a high of $0.892 on Tuesday, September 10, its highest level since July 3, and 90% higher than its low this year.
The recovery came as most cryptocurrencies rebounded, with Bitcoin (BTC) jumping to $57,000 after falling to $52,000 last week. The cryptocurrency Fear and Greed Index also moved from the fear zone at 30 to the neutral point at 46.
ApeCoin’s rally was fueled by anticipation of the upcoming ApeChain mainnet launch. The new chain will be built on Arbitrum (ARB), the largest layer 2 network in the crypto industry. It will focus on content, tools, and distribution, with APE acting as the ecosystem’s gas token and governance token.
The price of ApeCoin also rose after the developers announced their integration with Pyth Network, one of the largest oracle providers in the industry. Oracle securely brings off-chain data onto the blockchain.
The developers also revealed a strategic blueprint ahead of ApeChain’s mainnet launch. As part of the RoadmapThe project plans to align with Arbitrum by focusing on a user-centric ecosystem. The team aims to leverage partnerships with well-known brands to attract more developers and users.
But the challenge is that the second-tier industry has become oversaturated, with networks like Base, Optimism, Polygon, and Blast holding significant market share. Bored Ape Yacht Club has also struggled, with data showing sales and floor prices have dwindled.
ApeCoin Price Analysis
The daily chart shows that APE price has bounced back in recent days. This bounce 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 indicator has crossed above the 50-day EMA, while the RSI is approaching 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.