Apecoin Airdrop
The apeCoin airdrop dispersed a total of 150,000,000 APE to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders. According to airdrops.io, the apecoin airdrop distribution went as follows:
- Bored Ape NFT = 10,094 APE
- Mutant Ape NFT = 2,042 APE
- Bored Ape + Kennel Club NFT = 10,950 APE
- Mutant Ape + Kennel Club NFT = 2,898 APE
If more celebrities, non-profits, and brands jump on the NFT bandwagon, ApeCoin can see long-term growth. ApeCoin’s goal is to develop into a viable DAO to empower decentralization at the forefront of Web 3. The DAO aims to further build upon the BAYC ecosystem and provide their community a way to interact with the outside world.
The ApeCoin airdrop launched on March 16th, 2022, and it drew a lot of attention, especially among the trading community. APE hit a peak of $18 on March 18th and it has mostly been on the decline since then.
ApeCoin Price Forecast
As of this writing, APE has a market cap of $1.4 billion, trading around $10.80 per coin. In the chart below, we can see price is above the 50-hour Simple Moving Average. However, the purple 100-hour moving average is creating an descending channel, which is bearish.
If APE’s price can get above the 23.6% Fibonacci retracement level, the bulls may continue to gain momentum and lead to a bullish breakout. Should the price breach resistance at $14.00, the ApeCoin price prediction will be bullish on a longer time frame. Overall, the bullish pressure should increase as long as APE trades above $10.
Additionally, the Token Metrics AI has printed bullish ratings on the daily, weekly, and monthly time-frames. For a coin to recieve >80% grades on all three time-frames is quite rare (and subsequently quite bullish).
NFT search volume has been trending downward since reaching a peak near the end of January, 2022. This is bearish, and it reflects widespread bearish sentiment that is currently present in the crypto market.
Summary
Since APE launched recently (amidst an unstable market) its price has experienced heavy volatility over the past few days. After moving in a downtrend over the weekend, APE bounced on Monday to reach a peak at $11.66.
Look for APE to close above its 23.6% retracement to confirm a bullish trend. Converesely, if price falls below $10 this confirms a continuation of the bearish trend.
Check out our previous price predictions here.
