ApeCoin Could Resume Climbing to $1.5000
ApeCoin (APE) is down 12.2% to $1.2300 this week, retreating after a sharp 141.9% surge during October 19-21. In comparison, Bitcoin (BTC) is also declining by 3.4% to $66,400.
APE’s price surge over the weekend was driven by the release of Apechain on October 19, which enables cross-chain transactions across Ethereum, Arbitrum, and ApeChain networks for assets like ApeCoin (APE), Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI). A key factor behind this rise is the incorporation of LayerZero’s Omnichain Fungible Token (OFT) standard into the ApeChain mainnet. LayerZero, a cross-chain interoperability protocol, allows APE to serve as a governance token for the ApeCoin DAO and handle transaction fees across multiple blockchains.
This integration boosted investor confidence and spiked demand for APE, but the rapid rise led to an overbought condition, causing a pullback. To resume upward momentum, APE needs to maintain support above $1.0000, which could pave the way for a climb towards the $1.5000 resistance.
Disclaimer:
The comments, insights, and reviews posted in this section are solely the opinions and perspectives of authors and do not represent the views or endorsements of RHC Investments or its administrators, except if explicitly indicated. RHC Investments provides a platform for users to share their thoughts on financial market news, investing strategies, and related topics. However, we do not guarantee the accuracy, completeness, or reliability of any user-generated content.
Investment Risks and Advice:
Please be aware that all investment decisions involve risks, and the information shared on metadoro.com should not be considered as financial advice. Always conduct thorough research, seek professional advice, and exercise caution when making investment decisions.
Moderation and Monitoring:
While we strive to maintain a respectful and informative environment, we cannot endorse or verify the accuracy of all user-generated content. We reserve the right to moderate, edit, or remove any comments or posts that violate our community guidelines, infringe on intellectual property rights, or contain harmful content.
Content Ownership:
By submitting content to metadoro.com, users grant RHC Investments a non-exclusive, royalty-free license to use, display, and distribute the content. Users are responsible for ensuring they have the necessary rights to share the content they post.
Community Guidelines:
To maintain a positive and respectful community, users are expected to adhere to the community guidelines of Metadoro. Any content that is misleading, offensive, or violates applicable laws and regulations will be subject to moderation or removal.
Changes to Disclaimer:
We reserve the right to update, modify, or amend this disclaimer at any time. Users are encouraged to review this disclaimer periodically to stay informed about any changes.
