Apecoin returns 4.6% between NFT Launchpad and DEX proposal

The Apecoin ecosystem associated with the Bored Up Yacht Club (BAYC) NFT collection has been struggling. Despite recent Bitcoin-led bullish trends in the crypto market, Apecoin ($APE) has failed to gain significant momentum, with a 66% price drop in the past 365 days and a 24% drop in 2024 alone.

Compounding this, the price floor of BAYC NFTs has been on a steep decline since last April, dropping from a peak of $369K to a current low of $38K per token, according to the NFT Price Floor.

But now there seems to be a glimmer of hope for Apecoin. After reaching an all-time low of $0.989 on April 13, the coin has experienced a 35% recovery, reaching its current price of $1.334. In the last 24 hours, Apecoin has increased by 4.82% and increased by 12.5% ​​in the last 7 days.

Apecoin's recovery is part of the Apecoin DAO's recent efforts to find new ways to increase participation and increase use cases for their tokens.

One such initiative is AIP-397, a proposal to launch an “NFT Launchpad” powered by Apecoin. This platform facilitates the creation and trading of NFTs using Apecoin. The platform introduces Puffles for people to create NFTs on various blockchain networks.

The proposal does not seem to attract much attention, but as of this writing only 30% of Apecoin holders support it. The election will be live until May 1, 2024, and many members have criticized the lack of details, making the proposal difficult to implement.

A different idea was enthusiastically approved: but AIP-405, will launch ApeSwap, a native ApeChain DEX where 50% of all payments will be returned to the ApeCoin DAO treasury. The initiative has more than 80% approval at around 750,000 Apecoin—more than $1M in today's value.

From a technical analysis perspective, Apecoin's price action does not look promising. The coin has reached a high volume zone at the lows, and the recent 35% rise may encourage swing traders to claim their profits. Meanwhile, the coin is currently testing the EMA10 zone, which is below the EMA55, indicating that the price has been declining rapidly over time over the past 10 days.

The Squeeze Momentum indicator suggests that it may be starting to recover, but the Average Directional Index (ADX) at 36 shows that the market trend is still strong. The Relative Strength Indicator (RSI) shows that the coin is oversold, with bears dominating 60% of the trade.

If Apecoin continues to bullish, it may lose its recent 35% gain and test its all-time low in the $1 to $1.10 zone. However, if it continues its momentum, it could rise another 35% until it tests the resistance set by the EMA55 around $1.66.

Edited by Ryan Ozawa.