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

ApeCoin price rose for eight consecutive days, reaching a high of $2.166, its highest level since March 2024.

ApeCoin (APE), which was launched by Yuga Labs, the creator of Bored Ape Yacht Club, has jumped by 340% from its August lows. 

APE jumped as its fundamentals showed that the total value locked in the ApeChain network jumped to a record high of over $34 million. This is a big increase for a chain that was launched a few months ago.

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

Gains Network, a derivatives exchange, has attracted $9.26 million in assets. The other top 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 that expanded to its network. Intract is a Web 3 network that lets users earn rewards by interacting with each other.

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

ApeCoin price forms two patterns

The daily chart shows that the APE price has been in a strong uptrend after bottoming at $0.4937 a few months ago. It has formed two key patterns that point to more gains in the near term.

Apecoin price formed a golden cross pattern as the 200-day and 50-day moving averages flipped each other. An asset often goes parabolic when it forms this pattern.

APE is also in the process of forming a cup and handle pattern whose upper side is at $2.68. Therefore, by measuring the depth of the cup and its distance from its upper side, ApeCoin could jump to $5 in this crypto bull run.