ApeCoin Short Term Price Prediction Bullish After DAO Vote

During the European session, ApeCoin is trading higher, having jumped almost 17% in the last 24 hours. APE is the Modify sourced from the Decentralized Autonomous Organization (DAO) ApeCoin, a community initiative created to guide the expansion and development of the Bored Ape ecosystem.

Holders of the Bored Ape NFT series received the tokens via an airdrop after the launch in March. Steps have been taken by the ApeCoin Decentralized Autonomous Organization (DAO) to create a platform NFT decentralized powered by APE.

As the first token release looms, members of the ApeCoin community are voting on various suggestions to improve the utility of the token.

ApeCoin Price and Tokenomics

The current price of ApeCoin is $5.52, with a 24-hour trading volume of $435,475,762. The couple APE/USD started trading at $4.6 and the value has fluctuated between $4.66 and $5.72 on any given day.

APE Price Chart – Source: Tradingview

ApeCoin is up about 17% in the last 24 hours. CoinMarketCap currently ranks it 34th rank with a live market cap of $1,694,029,728. There are 306,875,000 APE coins in circulation, with a maximum supply of 1,000,000,000.

Community proposals

All previously submitted suggestions have now been voted on. However, you may recall that three organizations made suggestions for creating a market for the Bored Ape Yacht Club.

magical oaths
special
Yuga Labs

What is the current state of affairs now that the voting has started?

AIP-93: A Marketplace for Monkeys, by Monkeys, Built by Magic Eden – Mark Decision

If approved, magical oaths will set up an exchange where ApeCoin owners can trade all ApeCoin DAO NFTs, including Bored Apes, Mutant Apes, Bored Kennels, and Otherdeeds. Unfortunately, recent results indicate that the MagicEden concept is failing.

At the time of writing, the EPA community had voted overwhelmingly against this proposal; only 34.54% of voters approved it, while 65.46% opposed it. However, the proposal can be voted on until September 22.

AIP-98: An ApeCoin DAO Marketplace Proposal for the Community – Trademark Decision

In this proposal, the exchange’s fee for ETH listings is set at 0.5%, while the fee for: registrations APE have been set at only 0.25%. The community gains value and some of the compensation is returned to the people who made it.

According to the summary of the proposal, ApeCoin’s DAO should evolve into a marketplace operated by the community.

Building an APE native marketplace that delivers a rich, APE-specific user experience can increase adoption of APE through APE listings, drive traffic to the DAO ApeCoin (apecoin.com) and reduce costs for community members. However, this market can only survive if its prices are competitive with comparable markets, such as X2Y2.

At the time of writing, the plan has received support from: 93.73% votes (869,000 APEs), while only 58,000 APEs (6.27%) are against it.

AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation

This proposal aims to create a marketplace similar to the other two, but does not specify the cost. This proposal states:

  • Yuga Labs & Otherside Partner NFT Collections to have their own marketplace.
  • Increase the use ofApeCoin as a payment method should be a top priority to achieve the goal of expanding the ApeCoin ecosystem.
  • The needs of the economy NFT growing demand for the development of an NFT marketplace. By integrating elements other than the sale of NFT, such as intellectual property, a more complete strategy can be developed.

Currently, 249,000 APEs (40.74%) is in favor of this proposal, 363,000 APEs (59.26%) are against it.

Since the three proposals will be put to the vote simultaneously, AIP-98 has a better chance of success.

ApeCoin Daily Tech Levels

Support Resistance:
4.9536 6.0116
4.2793 6.3953
3.8956 7.0696

APE Price Chart – Source: Tradingview

ApeCoin Price Prediction: Triangle Pattern in Action

During a 24-hour period, the pair APE/USD rose to trading near $5.50, just below the double resistance level of $5.80. The APE/USD pair has formed a symmetrical triangle pattern, which can generally break out on either side of the market.

An increase in demand could trigger an upward open from the $5.81 level, exposing the APE to resistance levels of $6.50 or $7.65. Above this level, the next major resistance level is found at $7.70. On the other hand, a bearish breakout from the support level of $4.20 will most likely expose the APE to the $3.04 support zone.

The 50-day moving average (MA) is almost certain to offer strong resistance near USD 5.75. Leading technical indicators such as the RSI and MACD are above 50 and 0, indicating a bullish trend for the APE currency. The investors are likely to watch the $5.80 level to buy higher or vice versa.

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