Yesterday’s trading session saw Apecoin’s price surge by 8 per cent. Today, the strong and aggressive bullish push is looking poised to continue, with prices up by 3 per cent. The momentum for today’s trading session is also looking strong, and there is a high likelihood that we may see prices continue to push up throughout the session.
The price surge comes amidst Gucci’s latest announcement that it would accept Apecoin payments. The decision makes Gucci the first major brand to start accepting Apecoin, with a likelihood of more to come.
The high-end Italian fashion giant has been ramping up its web3 efforts by allowing its store to transact using some major cryptocurrencies. Besides the addition of the Apecoin cryptocurrency, the company also added 12 more cryptocurrencies that can be used in any of its stores worldwide.
Part of why the move will likely continue impacting Apecoin’s price is that the integration will give the crypto mainstream exposure. The move is also seen as an expansion of the utility of the Apecoin cryptocurrency, which is majorly used for NFT projects. The real-world usage of the crypto is also likely to see it continuing to gain in traction and more investors coming into the project.
Looking at the chart below, the price of Apecoin has traded within the support and resistance levels of $3 and 8.5, respectively, for the past two months. The chart also shows that the price comes from the support level bounce, resulting in a 142 per cent price gain since June 15.
Therefore, using the chart’s price action, I expect the current aggressive push to the upside to continue for the next few trading sessions. There is a high likelihood that we will see prices trading above the $8.5 resistance level in the next few trading sessions. Based on the current momentum of the Apecoin price, I also expect it to trade above the $10 price level in the next few trading sessions.
However, should the price retreat back and trade below yesterday’s price low of $6.5, my bullish analysis will be invalidated. It will also mean a likely push to the downside.
This post was last modified on %s = human-readable time difference 14:45