Disclaimer: The information provided here does not constitute any form of financial advice. Readers are fully responsible for conducting their due diligence before making any investment decisions.
ApeCoin: Market sentiment
The primary tool we utilize for sentiment in cryptocurrencies is the Fear & Greed Index (FGI). The present reading of 8 suggests fear is at the lowest it’s been for quite some time. The chart below shows the FGI over the past year.
A reading of 8 is regarded as ‘extreme fear,’ which typically suggests buying opportunities. Under normal conditions, the index is usually reliable where such extreme fear sees the crypto markets moving up accordingly.
Yet, due to other more dominant fundamental elements of digital currencies, we are unlikely to see any substantial corrections, at least for a few weeks. However, ApeCoin could perform slightly better than the rest, given that it’s a new coin with ‘early investor interest.’
Technical analysis
Despite the 1HR time frame being less reliable for long-term projections, it does present an interesting picture. We’ve applied the 50-day (orange) and 200-day (blue) moving averages on the chart above.
With this moving average (MA) crossover system, traders usually want to see the 50 crossing above the 200 and the price trading above both MAs.
While APE doesn’t present either scenario, it’s already above the 50-day, an early sign of bullishness. The second factor worth observing is TradingView’s technicals on the right. While the needle is on the ‘Strong Sell’ side, it’s not far off ‘Neutral.’
Ultimately, if APE reaches at least $11, the 50-200 crossover may appear, and we could see price trading above the two moving averages.
Fundamental analysis
Since its somewhat unexpected launch in March 2022, ApeCoin has become one of the most-talked-about coins in the markets. We could arguably consider the project a pioneer as the first-ever token built for an NFT collection, with many well-known celebrities already owning something from the platform.
However, most people have raised questions on APE’s real utility, with some even labeling the token as a meme or a ‘pump-and-dump’ coin.
Recent news
- In early May 2022, APE became compatible with the Polygon blockchain. This integration is positive for the project to move users away from Ethereum’s notoriously expensive gas fees.
- One of the most exciting developments for BAYC enthusiasts is the ‘Otherside,’ a metaverse built by Yuga Labs (the Bored Ape’s parent company) that will form part of the collection’s ecosystem.
Long-term value proposition
Ultimately, a lot of uncertainty surrounds this project, given its novelty. On the bright side, NFT-related projects have produced substantial value in their respective marketplaces.
However, this mania could eventually die down where such tokens may not be as valuable. Another fundamental factor of significance to APE is the presence of whales ever since its launch.
Although whales can be good for a project, they can also have negative consequences (hence the pump-and-dump concerns). Overall, the long-term potential for ApeCoin is speculative at best.
ApeCoin (APE) price prediction: 2023-2025
The numerous forecasting sites analyzed (such as PricePrediction.net, Gov.Capital, Wallet Investor, etc.) all suggest a possibility of APE being more valuable in 2023 and 2025. However, we should note estimates for ApeCoin will be less reliable as there isn’t much price data yet.
2023 forecasts
The average estimate we got for this year is $16, which is almost double ApeCoin’s present value. In a span of six months, it’s realistically feasible for the coin to reach this mark. Wallet Investor was the most favorable of the bunch, as the site projects a minimum of $16.17 and a peak of $23.62.
2025 forecasts
For 2025, the average we calculated was $48, which, similar to 2023, is a realistic value APE could reach in a few years. Likewise, Wallet Investor came out on top on the sites we visited, with minimum and maximum projections of $43.40 and $68.85, respectively.
ApeCoin Frequently Asked Questions (FAQs)
Is ApeCoin real?
Yes, despite being released just a few months ago, ApeCoin has already been well-documented in the crypto market as it’s related to the popular Bored Ape NFT world.
What is the ApeCoin price today?
$8.53.
Will ApeCoin’s price reach $100?
It’s unlikely to reach this price by 2025, but, assuming the project still exists, it could achieve this price later in the coming years.
Should I buy APE?
You should only buy APE if you understand that it’s a highly speculative bet with no guarantees of long-term success.
Where do I buy APE?
Despite being a recently-released token, APE is already tradable on numerous well-known exchanges like Binance, FTX, Coinbase, Gate.io, Kraken, OKX, Crypto.com, etc. You can explore a complete list on CoinMarketCap.
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