Apecoin ($APE) Price Poised To Hit $10 Before Plunging More Than 40%

The beginning of August month has been a good start for almost all of the cryptocurrencies. Bitcoin, Ethereum, Solana, Ethereum Classic along with ApeCoin gained their crucial price levels. Even the global crypto market cap reclaimed the $1 trillion mark.

Timeline of Apecoin-ape

The crypto markets opened fairly flat across the board today, adding 1.3% to bring total market capitalisation up to US$1.08tn. Bitcoin edged slightly over the US$23,000 line, while Ethereum stayed close to US$1,650.

A closely tracked crypto strategist is predicting dips for two altcoins while updating his forecast for Solana (SOL) and ApeCoin (APE). Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant pullback after its steep rally over the past few weeks.

We may be in a bear market, but that does not mean investors don't have their eyes peeled for profitable investments. Those that have been looking have their sights set on a handful of coins in the ecosystem, including Degrain (DGRN), Apecoin (APE), and Tron (TRX).

Apecoin was trading close to a two-month high on Monday, despite crypto prices mainly being in the red to start the week. Global crypto markets are currently down around 2% as of writing. Despite this, filecoin continued its own surge, with prices of the token up nearly 70% in the last seven days.

Ethereum whale ranked 4th on WhaleStats, “Bonobo” has purchased 80k FTX Token (FTT) and 2.05 million Polygon (MATIC) tokens in the last 24 hours. FTX Token, MATIC, and ApeCoin (APE) are the most purchased and traded tokens by the 500 biggest ETH whales in the last 24 hours.

The ongoing recovery rally in APE price stalled at $7.23 resistance. Despite showcasing several attempts to breach this barrier, the buyers couldn't surpass the $7.23 mark in the past four days.

It's been an interesting year so far in the crypto scene. While much of the market has struggled due to overall economic conditions, there are still plenty of hot new projects that have analysts predicting big things.

The bear market has had a negative effect on many tokens, including Ripple (XRP) and Apecoin (APE). The two tokens have made their investors a lot of money in the past; however, as people get more cautious about holding crypto assets in the current market, they have both been losing popularity.

On Friday, the cryptocurrency market gained more ground as traders anticipated an immediate rebound from the inflation crisis. Traders are searching for new crypto investments to protect themselves from market inflation by stabilizing their profits and supplying a more reliable source of income.

Apecoin DAO community members have approved a governance proposal that will fund a Bored Ape Yacht Club (BAYC)-centric news publication called the Bored Ape Gazette with $150,000 for the first year.