ApeCoin (APE), the governance token of the APE ecosystem, has seen its price increase by a staggering  66% in the last 24 hours. During the intra-day trading session on October 19, the price of ApeCoin was $0.75.

As of this writing, the cryptocurrency’s value has surpassed the $1 mark and could be looking at going higher. But why is APE suddenly making such a big move? This analysis reveals the reason and highlights what could be next for the token.

BeInCrypto’s finding revealed that APE’s price climbed due to the release of ApeChain. The. chain is a new Layer-3 blockchain developed as an Arbitrum Orbital Chain by the ApeCoin Decentralized Autonomous Organization (DAO).

As a result, it returned as a top 100 cryptocurrency, according to CoinGecko data. On X (formerly Twitter), ApeCoin disclosed that bridges were live, and users can now access the chain. 

“Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.” ApeCoin announced.

Since its launch, market observers have drawn comparisons between ApeChain and Solana-based Pump.fun, as trader interest continues to grow. Within three hours of going live, Arbitrum-based Camelot DEX reported that ApeChain’s volume had exceeded $5 million.

This trend was further supported by ApeCoin’s total on-chain volume. According to Santiment data, the volume surged nearly 3000% in the past 24 hours and is approaching the $1 billion mark. If the volume continues to climb alongside the price, the altcoin’s value could surpass $1.25 in the coming days.

Read more: ApeCoin (APE): Everything You Need To Know

Another notable surge in APE is its network growth, which tracks the number of new addresses interacting with a protocol. As of October 18, ApeCoin’s network growth was 83. 

However, at the time of writing, that figure has increased to 3235. This indicates that there has been an influx of new participants adopting the APE token. This level of adoption reflects strong interest from developers and projects eager to leverage ApeChain’s capabilities.

If the trend continues over the next few days, demand for APE might increase, potentially putting upward pressure on the altcoin’s value.

From a technical perspective, ApeCoin’s price recorded incredible growth after breaking out of a descending trendline that has existed since June. The descending trendline ensured that the altcoin found it challenging to move higher as it wobbled between $0.55 and $0.85 for a long period.

Currently, the Moving Average Convergence Divergence (MACD) has hit a significantly positive value for the first time in almost a month. The MACD measures momentum, with negative values indicating bearish momentum and positive ones indicating bullish ones.

Therefore, the momentum around APE is bullish, signifying that the token’s value could go higher. If this trend continues, ApeCoin’s price might rise to $1.47 and possibly push toward $2.

Read more: 7 Best Crypto Contract Trading Platforms in 2024

However, the token might fail to reach this point if APE holders who have held it through a long downturn period decide to take profits. If that happens, the price might sink to $0.86.

The post ApeCoin (APE) Price Rallies 66%, Makes Top 100 Comeback appeared first on BeInCrypto.

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