ApeCoin (APE), the governance token of the APE ecosystem, has seen its price increase by a staggering  66% in the last 24 hours. During the intra-day trading session on October 19, the price of ApeCoin was $0.75.

As of this writing, the cryptocurrency’s value has surpassed the $1 mark and could be looking at going higher. But why is APE suddenly making such a big move? This analysis reveals the reason and highlights what could be next for the token.

ApeChain Launch Sends ApeCoin Volume Higher

BeInCrypto’s finding revealed that APE’s price climbed due to the release of ApeChain. The. chain is a new Layer-3 blockchain developed as an Arbitrum Orbital Chain by the ApeCoin Decentralized Autonomous Organization (DAO).

As a result, it returned as a top 100 cryptocurrency, according to CoinGecko data. On X (formerly Twitter), ApeCoin disclosed that bridges were live, and users can now access the chain. 

“Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.” ApeCoin announced.

Since its launch, market observers have drawn comparisons between ApeChain and Solana-based Pump.fun, as trader interest continues to grow. Within three hours of going live, Arbitrum-based Camelot DEX reported that ApeChain’s volume had exceeded $5 million.

This trend was further supported by ApeCoin’s total on-chain volume. According to Santiment data, the volume surged nearly 3000% in the past 24 hours and is approaching the $1 billion mark. If the volume continues to climb alongside the price, the altcoin’s value could surpass $1.25 in the coming days.

Read more: ApeCoin (APE): Everything You Need To Know

Another notable surge in APE is its network growth, which tracks the number of new addresses interacting with a protocol. As of October 18, ApeCoin’s network growth was 83. 

However, at the time of writing, that figure has increased to 3235. This indicates that there has been an influx of new participants adopting the APE token. This level of adoption reflects strong interest from developers and projects eager to leverage ApeChain’s capabilities.

If the trend continues over the next few days, demand for APEA  might increase, potentially putting upward pressure on the altcoin’s value.

APE Price Prediction: Run to $2 in Play

From a technical perspective, ApeCoin’s price recorded incredible growth after breaking out of a descending trendline that has existed since June. The descending trendline ensured that the altcoin found it challenging to move higher as it wobbled between $0.55 and $0.85 for a long period.

Currently, the Moving Average Convergence Divergence (MACD) has hit a significantly positive value for the first time in almost a month. The MACD measures momentum, with negative values indicating bearish momentum and positive ones indicating bullish ones.

Therefore, the momentum around APE is bullish, signifying that the token’s value could go higher. If this trend continues, ApeCoin’s price might rise to $1.47 and possibly push toward $2.

Read more: 7 Best Crypto Contract Trading Platforms in 2024

However, the token might fail to reach this point if APE holders who have held it through a long downturn period decide to take profits. If that happens, the price might sink to $0.86.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

Dogwifhat (WIF), the largest meme coin by market capitalization on Solana, registered notable recovery over the last 30 days. This rebound ensured that WIF’s price climbed by 50% and almost retested $3.

Despite the impressive rally, technical analysis points to the possibility of a correction, as this classic bearish formation typically signals a potential downturn. 

Dogwifhat Forms Bearish Pattern

On October 14, WIF’s price almost hit $3. However, the resistance at $2.82 ensured that the meme coin could not reach the threshold again for the first time since July. 

Following this development, BeInCrypto observed that WIF had formed a rising wedge on the daily chart. Also called an ascending wedge, this pattern arises when two upward slopes converge, signaling an imminent downward trend reversal.

In most cases, this wedge indicates that a cryptocurrency has hit the local top. For WIF, the local top appears to have been around $2.96, where the wick of the green candlestick hit on Monday.

Read more: How to Buy Dogwifhat (WIF) and Everything Else To Know

The Money Flow Index (MFI) is another indicator signaling a potential correction for WIF. The MFI assesses both volume and price to gauge buying and selling pressure in the market.

An increase in the MFI reflects rising buying pressure, while a decrease points to growing selling activity. As shown below, the MFI on the WIF/USD daily chart has dropped and is on the verge of slipping below the neutral line.

Given these conditions, it suggests that WIF’s price has lost bullish support and might undergo an extended decline.

WIF Price Prediction: 20% Correction Next

A closer look at the daily chart suggests that WIF could struggle to break above $2.82, as it appears to be following a downward trend seen since July.

On July 22, WIF reached $2.82 but faced resistance. By August 6, the price had dropped 55% to $1.25. However, this doesn’t necessarily mean Dogwifhat will experience a similar decline.

Still, a quick rebound seems unlikely. WIF could fall by 20%, as indicated by Fibonacci retracement levels, which highlight potential support and resistance. 

Read more: 5 Best Dogwifhat (WIF) Wallets To Consider In 2024

If the token drops to the 50% retracement level, it may reach $2.08. However, if bulls defend the $2.33 support, WIF could rebound to $3.11.