How will ApeCoin price fair in the uphill battle to $10

ApeCoin price continues to hold above a crucial support line amid growing bearish sentiments in the cryptocurrency market. A widespread upswing across the market last week allowed investors to sigh in relief against a backdrop of immense losses experienced in June.

An ascending parallel channel currently functions as the governing chart pattern with an immediate upside target of $10.00. If the middle throughline of support holds, APE will have an excellent chance to rise above the market’s bearish conditions and stretch its bullish leg.

APE/USD daily chart

Global luxury brand Gucci accepts ApeCoin as payment option

BitPay, the world’s largest Bitcoin and cryptocurrency payment service provider, has announced support for ApeCoin and Euro Coin following requests from major luxury brands like Gucci. Consumers will have the opportunity to purchase, store and spend the two tokens using BitPay’s wallet app. Merchants within the BitPay ecosystem can also accept APE and EUROC as payment methods for goods and services.

“We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it. They asked, and we delivered,” said BitPay CEO Stephen Pair.

ApeCoin price may build on the momentum created by the adoption to make a solid bullish case in the coming days. The Moving Average Convergence Divergence (MACD) in the daily chart sits above the mean line to clear obstacles from the path to $10.00.

ApeCoin Daily Active Addresses

ApeCoin price will probably have a positive outcome if fundamental factors like the daily active and newly-created addresses keep soaring. As seen in the chart above, the former spiked to 2,147 on August 1 from 1,036 on July 24. A persistent increase in this metric points to a lively crowd and a positive impact on the price.

ApeCoin Network Growth

The protocol’s Network Growth on-chain metric, which tracks the number of newly-created addresses on the protocol, also recorded a similar growth pattern. From 312 new addresses on July 24, ApeCoin currently boasts 1,306 addresses per day. Growth in this metric tends to positively contribute to the uptrend’s momentum, which might prompt the move to $10.00.