ApeCoin Secures Key Liquidity From Wintermute; Can APE Price Rally Another 100%?

The post ApeCoin Secures Key Liquidity From Wintermute; Can APE Price Rally Another 100%? appeared first on Coinpedia Fintech News

The altcoin market, led by ApeCoin (APE), has been gaining bullish momentum following the recent Bitcoin (BTC) price pump towards the 2021 all-time high (ATH) above $69k. The web3 projects have been making impressive and strategic partnerships in the recent past to ensure sustainable growth shortly.

ApeCoin, an ERC-20 utility token focused on the non-fungible tokens (NFT) space, has registered palpable returns in the past few days. According to the latest market data, APE price rallied over 100 percent in the past seven days to trade at about $1.48 on Tuesday, October 22, during the early European session.

Major Factors Fueling ApeCoin Growth

The ApeCoin project has grown to a major NFT ecosystem in the recent past backed by Yuga Labs and other investors. The recent APE price rally is largely attributed to the network’s growth and continued adoption by institutional investors and retail traders.

Earlier this week, the ApeCoin project launched its mainnet blockchain dubbed Apechain to enhance NFT minting and trading ahead. The Apechain is meant to add utility to the APE token amid the anticipated altseason ahead.

Meanwhile, on-chain data analysis provided by Arkham Intelligence shows that the official ApeCoin address has transferred 8.289 million APE, worth more than $12 million, to Wintermute OTC, a top-tier liquidity provider in the crypto space.

Midterm Targets 

After an impressive performance in the past week, the mid-cap altcoin, with a fully diluted valuation of about $1.48 billion and a daily average traded volume of around $1.8 billion, is currently retesting a crucial falling logarithmic resistance level. 

From a technical analysis standpoint, APE’s price is well positioned to break out from the current resistance level, backed by a vibrant community of investors and developers. 

In case of a successful breakout, APE price will be aiming for $2.71, which coincides with the weekly 1.618 Fibonacci Extension. However, a rejection at the current resistance level will push the altcoin towards $1.24.