ApeCoin APE/USD has returned 15% in a week but should you buy it?
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ApeCoin DAO opened up 25 million APE tokens to contributors to the release
ApeCoin was launched in March amid community hype
APE has added 25% in the last week
When ApeCoin APE/USD was launched with great hype in March 2022, investors expected a lot. The token was launched to power Bored Ape Yacht Club’s NFT ecosystem. APE gained a real following, which brought BAYC a lot of popularity. Since then, the hype surrounding ApeCoin and BAYC has died down. However, ApeCoin DAO had an agreement with its community that could strengthen its token.
APE has risen more than 15% in the last week. It happened after the Treasury opened 25 million APE tokens on September 17. Tokens were reserved for the “launch assistants” of the project.
There’s still a twist. The release of new tokens was expected to increase downward pressure on APE. This is because it increases the supply of tokens, which are fixed at one billion. The recent pump after launch suggests that investors had priced in the token launch. The release may therefore have reignited the hype surrounding APE, driving the price up.
ApeCoin faces resistance amid weekly gains
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Source – TradingView
From the technical side, APE has encountered resistance at $6.0. The MACD indicator remains in the rising zone. The token has also redeemed 20-day and 50-day MA. In all respects, APE is bullish amid the improved atmosphere after the release of the token.
We don’t think it’s the right time to buy ApeCoin despite its recent achievements. The $6.0 resistance area is likely to lower the token. Investors should watch around the $5.1 level for a possible reversal.