ApeCoin, the popular cryptocurrency launched by the Bored Ape Yacht Club creators, rose to its highest point in three months.
ApeCoin (APE) reached a high of $0.892 on Tuesday, Sep. 10, marking its highest point since July 3, and 90% above its lowest point this year.
Its recovery occurred as most cryptocurrencies bounced back, with Bitcoin (BTC) jumping to $57,000 after falling to $52,000 last week. The crypto fear and greed index also shifted from the fear zone of 30 to the neutral point of 46.
ApeCoin’s rally has been fueled by anticipation of the upcoming ApeChain mainnet launch. The new chain will be built on top of Arbitrum (ARB), the largest layer-2 network in the crypto industry. It will focus on content, tools, and distribution, with APE serving as the gas token for the ecosystem and as the governance token.
ApeCoin’s price also surged after developers announced their integration with Pyth Network, one of the largest oracle providers in the industry. An oracle securely brings off-chain data to the blockchain.
Developers also unveiled a strategic blueprint ahead of the ApeChain mainnet launch. As part of its roadmap, the project plans to align with Arbitrum by focusing on a user-centric ecosystem. The team aims to leverage partnerships with well-known brands to attract more developers and users.
The challenge, however, is that the layer-2 industry has become highly saturated, with networks like Base, Optimism, Polygon, and Blast having substantial market share. Also, the Bored Ape Yacht Club ecosystem has struggled, with data showing that sales and the floor price have dwindled.
The daily chart shows that the APE price has bounced back in recent days. This rebound began when the token bottomed at $0.566, forming a double-bottom pattern with a neckline at $0.802.
In technical analysis, a double-bottom is considered one of the most bullish patterns. Notably, APE has crossed above the 50-day Exponential Moving Average, while the Relative Strength Index has moved closer to the overbought level.
As a result, the coin may continue rising as buyers target the 23.6% Fibonacci Retracement level at $1, which is about 22% above the Sept. 10 levels.
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