ApeCoin prepares to break out as Ethereum whales scoop up the NFT token

ApeCoin price could post nearly 14% gains as adoption among investors increased over the past week. Proponents believe ApeCoin could break into a rally as whales scoop up the NFT token representing Bored Ape Yacht Club NFTs. 

ApeCoin price on track for rally in current cycle

ApeCoin price started an uptrend after posting consistent losses over the past week. The team behind the Bored Ape Yacht Club NFT collection, one of the highest-grossing digital collectibles, came together as ApeCoin DAO and launched the token. Bored Ape Yacht Club NFT holders could claim their tokens through the website, adding value to their digital collectible holdings. 

Though proponents initially criticized ApeCoin’s launch and the hype surrounding the NFT token, it was listed across top crypto exchanges like Binance, FTX, Coinbase, and OKX. Interestingly, ApeCoin’s on-chain activity skyrocketed within 48 hours of its launch. Though the NFT token’s price never hit its listing price of $20, it hit an all-time high of $17.17 nearly twelve days ago. 

The intraday trade volume in the NFT token was $978.65 million as the ApeCoin continued to gain popularity among traders in the community. The on-chain activity in the NFT token is on the rise along with the hype surrounding ApeCoin and Bored Ape Yacht Club NFTs. 

Some analysts have evaluated the ApeCoin price trend and predicted a rally in the NFT token. Brian Bollinger, a crypto analyst, argues if ApeCoin price fails to sustain below the breached trendline and crosses $14, it could re-enter a triangle pattern. 

The analyst has predicted a fakeout that drives the ApeCoin price to $15.45.