APE Price Analysis January 2023
APE is a token of the platform ApeCoin. Its current price is around $6.30 at the time of writing, with a low of $1.00, and it has a market cap of 2 billion dollars.
What is ApeCoin (APE)?
APE is the coin of the ApeCoin platform, which is around $6.30 at the time of writing, with a low of $1.00. It reached $39.40, and its current ranking is #29, according to CoinMarketCap, with a market cap of 2 billion dollars.
APE is the native token of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT projects. It uses the ERC-20 standard to provide users with a series of Non-Fungible Tokens (NFTs) built on Ethereum Blockchain. The BAYC ecosystem allows users to access these tokens, making them available to the public.
ApeCoin (APE) is a digital currency created to finance the construction of a decentralized web3, inspired by the popular Bored Ape Yacht Club NFT collective. APE is an interchangeable ERC-20 token based on the Ethereum blockchain infrastructure.
APE Coin Market Analysis
APE has a total supply of 368.59M coins worth around $6.30 with a market volume of 250 million dollars, whereas the market capitalization is 2 billion dollars at writing. Therefore, ApeCoin is considered a high-risk investment with the possible reward of significant returns. This means that APE could experience major price shifts shortly, as speculations are rising that Yuga Lab will value their “Otherside” virtual land sale using this cryptocurrency.
APE Price Prediction
In the 1D timeframe, the price action of $APE/USDT is below the horizontal resistance zone. 4EMA is also acting below the price action, showing bullish strength. If it breaks its resistance zone after a successful retest, it can go upward. On the other side, the price may fall from here.
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The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.