ApeCoin Price Prediction: Why $1.7 billion Gift to VCs is Concerning

Summary:
• ApeCoin's price has remained stable for the past few days. This is after the token was launched last week.

ApeCoin’s price has remained stable for the past few days. This is after the token was launched last week. Within hours of its launch, the platform had already been listed to some of the top cryptocurrency exchanges such as FTX, Coinbase, Binance, e.t.c.

Today, ApeCoin’s price is trading at $12.92. In the last 24 hours, the cryptocurrency has also had a trading volume of more than $2 billion. Apecoin is ranked as the 41st largest cryptocurrency in the world. This is an impressive achievement, considering the cryptocurrency has existed for less than two weeks. Apecoin has a market capitalization of $3.5 billion, also an impressive number for a cryptocurrency that has only been in the market for less than two weeks.

One major concern that has risen since the launch of Apecoin are reports that the company behind the project was able to give their backers $1.7 billion worth of Apecoins. The decision has made some in the cryptocurrency space concerned about the whole decentralization idea. One question being asked is whether the coin still has independence. Is it decentralization when such a huge transfer occurs in the market? As of writing, the company has not yet responded to the criticism.

ApeCoin Price Prediction

Looking at the hourly chart below, ApeCoin’s price has hit a recent support level of $12.7 and failed to break to the downside. The cryptocurrency was also on a long-term trend until the prices corrected yesterday. The chart also shows that prices had traded along an ascending trendline from March 21 until today, when the prices broke to the downside. After that, however, ApeCoin prices have started another bullish move.

Based on the chart below, I expect ApeCoin’s price to be $14.45 in the coming hours. This is because the price is already showing signs of a strong bullish move. The prices are also bouncing from a support level, increasing the possibility of retesting the resistance level of $14.45. However, the main market mover will be investor traction and fundamentals in the next few days. This is due to the cryptocurrency being new to the market.

Apecoin 1-hour chart