After rising 110% daily, can ApeCoin (APE) break its all-time high?

TL:DR;

ApeCoin’s price rally continued after our initial reports, reaching a 6-month high of over $1.7 today. However, his all-time high is still far ahead and questions arise whether he will be able to break it amid the ongoing developments around the project.

Is APEmania here?

It’s safe to say that it belongs to the ApeCoin native token today. As previously reported, it exploded by 65% ​​in hours after the launch of ApeChain, the protocol bridge that allows users to earn native returns in ETH, APE and some stablecoins.

However, that was just the beginning for APE as it continued to pump in the following hours and broke above $1.70 for the first time since early April this year. Although it has pulled back slightly since then, the APE is still over 110% on a daily basis.

This is likely the catalyst for the NFT bull run @apecoin
Higher up!!!!! pic.twitter.com/yfSwcWGgbg

— Sober Punk (@soberpunker) October 20, 2024

The hype led to the re-emergence of numerous APE bulls as they began predicting the start of a new NFT and altcoin season.

#APE looks set for a massive breakout on the weekly charts as the descending channel is ready to break out! A 260% retracement to the $2.75 price area is expected, Demand for #Apecoin constantly rising #NFT markets that trigger the wave. Stay tuned ✅$APE #APEUSDT pic.twitter.com/41WkEvBr97

— CryptoBull_360 (@CryptoBull_360) October 20, 2024

Apart from the auto yield mode launched by the ApeCoin team, they also hinted at an upcoming event that will take place in Las Vegas, USA at the end of November.

New ATH ever?

Despite today’s remarkable performance and charting a multi-month high, APE’s price remains miles from its all-time high recorded on April 28, 2022, according to CoinGecko. At the time, the asset was at $26.70, which means it is currently 94% lower.

As such, we decided to ask ChatGPT about APE’s chances of breaking this level after reporting Perplexity’s point of view. ChatGPT admitted that APE is a long way from its peak and will need a lot more team development to get back there.

But there is more. The popular AI chatbot described general market sentiment as another reason that could drive a rally for APE, along with growing adoption and utility. Perhaps most importantly, ChatGPT stated that ApeCoin’s native token could benefit more if positive sentiment returns for the broader NFT niche, which has not been the case over the past two years.

“While ApeCoin has potential, driven by its connection to BAYC, metaverse developments and the broader crypto market, predicting whether it will reach a new ATH involves considerable uncertainty. Factors such as market conditions, innovation in the metaverse and regulatory developments play a critical role.” – concluded the AI ​​solution.

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