Much Higher Prices Are in Store for Sushi and Apecoin, Says Top Trader – Here Are His Targets

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX) Sushi (SUSHI) and Apecoin APE, the digital asset associated with the Bored Ape Yacht Club non-fungible token (NFT) collection.

Timeline of Apecoin-ape, Sushiswap

ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token's bearish price action, which has led to it losing half its market value in Q3 2023.

September is gearing up to be a pivotal month in the crypto space, with a series of substantial token unlocks for Solana, ApeCoin, Worldcoin, Optimism, dYdX and Aptos on the horizon. Popular crypto voices, @TheDeFinvestor and @wacy_time1, have taken to Twitter to provide insights, speculations, and analyses on these impending events.

Even though the short-term market structure of ApeCoin was bullish on the 4-hour chart, the $1.5-$1.55 region represented a strong technical resistance based on recent price action.

Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value, APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days.

Apecoin (APE) price slides to a new all-time low of $1.50 on Aug 17, bringing it 94% below its $23.65 peak attained just over a year ago. The on-chain analysis examines the chances of a possible price recovery in the coming weeks.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $29,100 level on Wednesday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the $1,800 mark this morning.

Compound, a major player in decentralized finance (DeFi), has announced its integration with the newly launched Ethereum Layer 2 solution, Base. Users of the Compound platform can now access USDbC on Base, as per the company tweet on Monday.

Apecoin (APE) price is giving a bullish reversal signal amid a prolonged sideways BTC price action. In the past few days, APE price has shown a significant recovery after plummeting to its all-time lows.

Lookonchain, an on-chain analytics provider, provides a glimpse into whale activity for ApeCoin (APE). In particular, whales have been active in the past day, shifting significant amounts of tokens.

A significant development in the world of decentralized finance (DeFi) has recently been set into motion. SushiSwap, a popular DeFi platform, has announced plans to join forces with the emerging Core blockchain protocol.