While ApeCoin Price Explodes, These 3 Coins May 10x

cryptonews.com:

ApeCoin (APE), the ERC-20 that powers Yuga Labs’ web3 ecosystem, has been exploding to the upside in recent weeks. APE/USD was last changing hands at near $6.10, up nearly 70% since the start of the month and up around 130% versus last year’s lows in the $2.60 area.

ApeCoin has been benefitting from a broad rally in crypto prices that has seen the likes of Bitcoin and Ethereum both gain in the region of 40% this month. Analysts say that this month’s upside in crypto prices is being driven by a combination of easing financial conditions as US inflation and growth slows, leading to more dovish expectations for Fed tightening in the coming quarters, as well as growing signs (both technical and on-chain) that the bear market in crypto might now be over.

APE’s upside this month really got kicking when the cryptocurrency burst to the north of a long-term pennant earlier this month, a classic bullish technical pattern. That helped launch APE above all of its major moving averages, including most importantly its 200-Day Moving Average, which now, alongside the 21DMA, seems to be acting as a support level.

APE bulls are eyeing a near-term break above resistance in the $6.50 area, which could open the door to a push higher to the summer 2022 highs in the $7.70 area. Should the crypto bull market extend into February and altcoins continue exploding higher as risk appetite returns to the most speculative corners of the cryptocurrency space, a rally back to last year’s all-time highs in the $27.80 area cannot be ruled out.  

ApeCoin’s upside is typical of risk sentiment improving in the cryptocurrency space, a time when altcoins tend to do well. Investors looking for cryptocurrencies that offer high potential gains should also consider