- ApeCoin rose 15% on Wednesday amid growing investor interest
- Tokens accepted as payment method for Gucci
- APE Continues to Support Above Breakout Zone with Opportunity for Further Rise
ApeCoin APE/USD was the center of attention for the retail industry on Wednesday. The token is up over 15% and is getting more mentions on social media. The rise is widespread across the crypto sector, suggesting that sentiment remains intact.
ApeCoin’s profits come amid good fundamentals supporting the token. Italian luxury fashion house Gucci has announced the acceptance of his ApeCoin for purchases in the US. The move allows Gucci to become the first major brand in the United States to accept payments with his APE. Customers can make in-store purchases using APE BitPay.
The latest announcement increases the utility of ApeCoin’s tokens. Blockchain also has an Otherside metaverse project in its pipeline. Once the project is realized, ApeCoin will reach a new level. At the moment, we believe APE has upside potential and investors should consider buying.
ApeCoin Tops Breakout Zone After Token Acceptance by Gucci
Source TradingView
Technically, ApeCoin is starting new bullish momentum above the $6.1 breakout zone. The token is almost overbought with an RSI reading of 67. This suggests that investors are circling the token in a positive development. Moving averages also continue to support tokens.
We believe ApeCoin will continue to rise after the recent bullish push. The token will continue to be supported at $6.1 and potential retracements will be denied at the level. The target is $9, but could go higher if the bullish momentum continues.
Overview
ApeCoin is bullish after breaking above $6.1. The bullish momentum is underpinned by token acceptance by Gucci. Crypto sentiment also remains strong. Buy short retracement or current level.