Biggest Movers: APE, XLM Move Close to 1-Month Highs

Apecoin was up by over 13% on Tuesday, despite bearish sentiment remaining largely present in cryptocurrency markets. The token stayed close to a one-month high in today's session, despite current market turbulence. Stellar was also in the green, nearing a four-week peak.

Timeline of Stellar, Apecoin-ape

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Stellar lumen price started a fresh decline from the $0.1158 resistance zone against the US Dollar. XLM price is now trading below $0.1080 and the 55 simple moving average (4-hours).

ApeCoin has had a long and complex history. When it was first released on March 17, it was immediately put to the test by the same market forces that were responsible for the general crypto market's slump.

Stellar (XLM) has seen a stunning turnaround after the recent market downturn. However, following the announcement of the CPI report and corresponding fears of an interest rate hike, a sell-off ensued.

During the European session, the ApeCoin is trading sharply bullish, having surged nearly 17% in the last 24 hours. APE is the native coin of the ApeCoin decentralized autonomous organization (DAO), a community-driven initiative created to guide the expansion and development of the Bored Ape ecosystem. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. ApeCoin's [APE] knockdown from its early August two-month high found a solid rebounding ground at the $4.2 baseline.

The V-Top reversal from the $5.7 resistance plummeted the Apecoin price below the $5 support. The altcoin is currently in a retest phase, and the post-retest fall may pull the prices to $4.42 support.

The rising Stellar (XLM) price projects a recovery possibility with a double bottom pattern at the $1 mark. With sustained buying, the bulls will retest thW neckline resistance of $1.3 after a 3.3%.

The treasury of the ApeCoin DAO is anticipated to release 25 million ApeCoin (CRYPTO: APE) tokens for "launch contributors" on Saturday, which according to the ApeCoin website are "companies and people that helped make this project a reality." Tokens will be allocated to BAYC/MAYC members via the claim page, with approximately $115 million worth of tokens entering the market at the current token price of $4.61, this will increase the number of tokens in circulation by around 8%.

ApeCoin Community members are voting on several proposals to improve the token's utility as its first token unlock nears. The post ApeCoin (APE) Community Votes on Marketplace Proposal as Token Unlock Nears appeared first on BeInCrypto.