ApeCoin price could hit $5 as APE forms 2 rare patterns

ApeCoin price rose for eight consecutive days, reaching $2,166, its highest level since March 2024.

ApeCoin (APE), launched by Yuga Labs, creator of Bored Ape Yacht Club, is up 340% from its August lows.

APE jumped as its underlying data showed the total value locked on the ApeChain network rose to a record high of over $34 million. This is a big increase for a chain that started operating a few months ago.

The largest player in the ApeChain network is Camelot, a DEX whose TVL has increased by 83% to $23.3 million in the last 30 days.

Derivatives exchange Gains Network pulled $9.26 million in assets. Other top-tier networks in the ecosystem are Saru, Ape Express, Fisclend Finance and ZenoLend.

ApeChain’s ecosystem is also growing. Last week, the network welcomed Intract, a chain expanding into its network. Intract is a Web 3 network that allows users to earn rewards by interacting with each other.

Meanwhile, crypto analysts are optimistic that APE price is about to rise after 18 months of consolidation. In an X post, Ontwerp noted that the longer the consolidation, the stronger the breakout will be. He expects the coin to form a large candle soon.

$APE It has now broken 3 resistance levels. 0.91, 1.5 and now 1.884. If it breaks 2,441, we can now see the 18-month horizontal consolidation broken. In technical analysis, the longer the consolidation, the stronger the breakout. Will we see a giant candle? pic.twitter.com/t9o9pozMC2

— Ontwerp.eth (@ontwerpy) December 4, 2024

ApeCoin price forms two patterns APE chart | Source: crypto.news

The daily chart shows that APE price is in a strong uptrend after falling to $0.4937 a few months ago. It has established two key patterns that point to further gains in the near term.

Apecoin price formed a golden cross formation as the 200-day and 50-day moving averages reversed each other. When an asset forms this pattern it usually goes parabolic.

APE is also in the process of forming a cup and handle formation with an upside at $2.68. Therefore, by measuring the depth of the cup and its distance to the top, ApeCoin could jump to $5 in this crypto bull run.