Is It Too Late to Buy ApeCoin? APE Price Pumps 3% as New Telegram Crypto Casino Prepares for Grand Opening
Amid 8-months of downside price action, the governance token for Bored Ape Yacht Club (BAYC) - ApeCoin (APE) - has pumped +3%, as price finds feet - traders are asking 'is it too late to buy ApeCoin'?
The uptick in price action comes as ApeCoin bag-holders attempt to mount consolidation, following the recent loss of the 20DMA on October 3.
Upside movements have been triggered by a small recovery in BAYC floor price in recent weeks.
Indeed, BAYC holders were in a state of despair as floor price sank to 22.79 ETH on September 14, however, a surge in interest has now driven a +11.84% increase in floor price in the weeks since, with BAYC NFTs now sat at a more respectable 25.49.
Although, this still leaves many BAYC holders underwater, with floor price down -80% from the all-time high on May 1 2022.
As BAYC holders undertake a small recovery, ApeCoin has followed suit, with APE currently trading at a market price of $1.037 (representing a 24-hour change of -0.48%).
This comes as ApeCoin bulls attempt to mount consolidation above the $1.00 price level, in a move aiming to reclaim the 20DMA (sat at $1.12).
Indeed, the 20DMA has formed the key level to watch for much of the past 8-months of price action, with price failing to establish a foothold above the moving average since February 8 - amid a catastrophic cascade.
The 200DMA - a level untouched since April 18 - remains high above price action at $2.44.
A silver-lining emerges in from the RSI indicator, which has cooled-down significantly throughout October, and is currently signalling bullish oversold divergence at 33.50 - a suggestion that price could push up from here.
However, this contrasts with the MACD - which signals fleeting momentum - as bearish divergence grows to -0.004.
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