Analysts believe that ApeCoin has formed a symmetric triangle pattern that normally shows a breakout on either side of the market. Apecoin put up an interesting show on September 17-18 after gaining almost 17% within 24 hours. Nonetheless, the early Monday’s trading hours saw a pullback with the asset losing over 5% of its value within 24 hours.
The coin is currently trading at $5.20 with a trading volume of $419,036,229.74. The trading volume has increased by 10% in the past 24 hours. Based on the market data, its APE/USD pair started at $4.46, gained to reach $4.66 then reached $5.7 before dropping back to its current price.
Ape is the native token of a community-driven initiative meant to help in the expansion and development of the Bored Ape network known as ApeCoin decentralized autonomous organization (DAO). The current mini-rally arises from its previous announcement to develop a nonfungible token (NFT) marketplace powered by Ape.
In response, the token has got proposals from three organizations that include Rarible, Magic Eden, and Yuga Labs.
Notably, the Magic Eden proposal titled “Proposal titled “AIP-93: A Marketplace for Apes, by Apes, built by Magic Eden – Brand Decision” was made available for voting by the ApeCoin community on September 16. The voting will close on September 22.
According to the current voting status, less than two-thirds of the community has voted against the proposal. With that in mind, users would manage to trade collections including but never limited to BACK, MAYC, BAYC, and Otherside Otherdeeds.
The other proposed title “AIP-98: A Community-First ApeCoin DAO Marketplace Proposal – Brand Decision” has managed to enjoy a 93.6% approval rating by the community so far. It supports the offering of a 0.5% marketplace fee on Ethereum (ETH) listings coupled with a 0.25% fee on ApeCoin listings. Also, it proposes another 0.25% fee deduction for community development.
The third proposal is titled “AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation”. It gives no information on its fee structure.
Analysts believe that ApeCoin has formed a symmetric triangle pattern that normally shows a breakout on either side of the NFT market. It is projected that an increase in demand might push the price to reach $5.81. At this time, it will have resistance levels at $6.50 or $7.65. Nonetheless, a bearish breakout of $4.20 may result in a support level of $3.04.
Furthermore, RSI and MACD, the leading technical indicators have been seen at 50 and 0. It means that ApeCoin is bullish in the near term.
