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- 1 Apecoin DAO voted in two special council seats replacing the previous members.
- 2 APE price shows a weak upward trend on the daily chart. It has seen a drop of 2.32% during the trading session.
Apecoin is an ERC-20 token which is used within the APE ecosystem. The holders of the coin govern the DAO for various proposals and voting. The project is inspired from the Yuga Labs BAYC project. Apecoin has a total supply of 1,000,000,000 APEs in which 36.86% are circulating in the market. Recently, ApeCoin Decentralized Autonomous Organization (DAO) voted in two special council seats replacing Alexis and YAT. These two new members will help in governing the ecosystem and help to achieve the mission of the community. The seats will serve a term of 1 year starting July 1st.
APE token has a total holder of 313487 whose bubble map diagram is shown above. The ecosystem has a treasury of $12.88 Million which has declined from the high of $20 Million as per Defilama. The transaction share of APE on the open sea has also declined in the past few months. The ApeCoin ecosystem is currently expanding and can see a strong adaptability in the future.
Apecoin has a market cap of $829 Million and is ranked 50th on Coin Market Cap. The volume of the asset price surged by 72% during the day. The volume to market cap ratio of APE suggests a strong upside trend in price.
Will APE Price Hit a High ($5) Soon?
The weekly technical chart of APE price suggests a consolidated trend in the price action. APE price is currently in a weak upside trend. It is currently (at the time of writing) trading at around of $2.2 with a drop of 2.5% in the intraday session. The upside trend of APE price could encounter an obstacle near the $3 mark. Meanwhile, the support of the asset price can be seen near $2. APE token price is currently trading near the 100 and 200 EMAs. In case of a downtrend, the asset price can take the support near EMA.
The Relative Strength Index (RSI) of APE is near 58 with a strong positive slope in it. The overall sentiment of the RSI is bullish.
Summary
Apecoin is observing a steady rise in holders and its treasury. APE is currently seeing a weak bullish recovery and can see a new high in the future. The RSI corroborates the positive signals from the trend patterns observed on the ApeCoin chart. Two members were replaced after two special councils voted.
Technical Levels
Major Support:$2
Major Resistance:$3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
