Apecoin Price Prediction: WIll Migration to Own Chain Affect Apecoin?

Summary:

Apecoin has quickly become a 2022 cryptocurrency success story, after its launch in March. Today, it ranks in the top 50 largest cryptos

Apecoin has quickly become a 2022 cryptocurrency success story after its launch in March. Today, it ranks in the top 50 largest cryptocurrencies with a market capitalization of $2.4 billion. In today’s trading session, Apecoin is continuing with the long-term bearish trend, dropping by 6.5 per cent.

Since its launch, the cryptocurrency has been one of the most volatile cryptocurrencies in the market. In the month of May, for instance, the prices had dropped by 75 per cent at some point, hitting the $5 price level. However, the prices have been recovering, and the past seven days have seen the crypto rise by 58 per cent to currently trading at $8.2.

In the past few weeks, rumours of Apecoin migrating from Ethereum to their own chain have continued to spread. This is after a series of hiccups involving the Ethereum platform, resulting in the platform turning off its network for some time.

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022

However, the recent event was a disastrous $100 million mistake due to the Ethereum platform. The loss happened after Yuga Labs, the company behind Apecoin, minted non-fungible tokens (NFTs) for its “Otherside” metaverse. During the process of minting, investors were charged $100 million in transaction fees. This resulted in the board members indicating they would be open to offers on the development of their own chain.

Apecoin Price Prediction

The chart below shows that in the past few days, the price of Apecoin has been trading sideways. This is after the latest price resurgence that resulted in a 58 per cent price gain and brought Apecoin back to trading above $8.

However, despite recent price gains, Apecoin still remains in a long-term bearish move. The cryptocurrency industry is also in a bearish market. Therefore, my Apcoin price prediction expects the bearish trend to continue. There is a very high likelihood that we will see the prices trading below $6.

However, if the prices move trade above $8.5, my trade analysis will be invalidated. It will also indicate that the sideways market will continue. If prices fail to break the $7.8 support level, a possible bullish move can also happen.