- Apecoin (APE) has rebounded 4.6% amid proposals for an NFT launchpad and a new DEX called ApeSwap
- The Apecoin DAO approved a proposal to launch ApeSwap, a native DEX where 50% of fees will go to the ApeCoin treasury
- Despite the rebound, technical analysis suggests Apecoin’s bearish trend remains strong, with the potential to retest its all-time low around $1 if momentum doesn’t continue
The Apecoin ecosystem linked to the Bored Ape Yacht Club NFT collection has struggled over the past year despite bullish crypto market trends. The token has declined significantly in value, but new proposals from the Apecoin DAO aim to boost engagement and find new use cases.
Apecoin’s Price Performance
Apecoin (APE) has dropped 66% over the last 365 days. It’s down 24% in 2023 alone. The floor price of Bored Ape Yacht Club NFTs has also been falling since last April, declining from a peak of 369K per token to the current 38K.
On April 13, Apecoin hit an all-time low of $0.989. Since then, it has rebounded 35% to its current $1.334. In the past 24 hours Apecoin is up 4.82% and has risen 12.5% over the past 7 days, although it’s still down 27.93% in the last 30 days.
Apecoin DAO’s Efforts To Boost Engagement
Part of Apecoin’s recovery could be due to recent efforts by the Apecoin DAO to increase use cases. One initiative is AIP-397, a proposal to launch an NFT Launchpad using Apecoin. This platform would encourage NFT creation and trading with Apecoin instead of other cryptocurrencies.
Another approved proposal, AIP-405, will launch ApeSwap, a native ApeChain DEX in which 50% of fees are returned to the ApeCoin DAO treasury. Over 80% of token holders approved this initiative.
Technical Analysis
From a technical analysis perspective, Apecoin’s price action looks bearish. The recent 35% spike may encourage traders to take profits. The coin is testing the EMA10 zone which is below the EMA55, indicating decelerating momentum.
The Squeeze Momentum Indicator suggests a rebound could be starting but the ADX at 36 shows the bearish trend remains strong. The RSI indicates the coin is oversold with bears dominating 60% of trades.
If bearish momentum continues, Apecoin may retest its all-time low around $1-1.10. However if it maintains momentum, it could spike another 35% until it tests resistance at the EMA55 around $1.66.
Conclusion
While new DAO proposals aim to increase Apecoin utility, technical indicators remain bearish overall. It remains to be seen whether the token can build on its recent recovery or will continue its downward price trajectory. Ongoing community engagement and new use cases will be key to rebuilding momentum.
