ApeCoin (APE) Price Prediction: APE Eyes $5 as It Breaks Out of a Key Resistance Level

ApeCoin (APE), which was launched by Yuga Labs, the creator of Bored Ape Yacht Club, has jumped by 340% from its August lows.

ApeCoin (APE) price continued its rally on Monday, rising for the eighth consecutive day and reaching a high of $2.166, its highest level since March 2024.

APE price soared by 340% from its August lows, outperforming other major cryptocurrencies.

The total value locked (TVL) in the ApeChain network jumped to a record high of over $34 million. Camelot, a decentralized exchange (DEX), was the biggest contributor, with its TVL surging by 83% in the last 30 days to reach $23.3 million.

Gains Network, a derivatives exchange, also saw a significant increase in assets, attracting $9.26 million. Other top networks in the ecosystem included Saru, Ape Express, Fisclend Finance, and ZenoLend.

ApeChain's ecosystem continued to expand with the addition of Intract, a Web 3 network that allows users to earn rewards by interacting with each other.

Meanwhile, crypto analysts remained optimistic about a new APE price rally after the coin consolidated for 18 months. In an X post, Ontwerp highlighted the importance of consolidation time. According to the analysis, the longer the consolidation, the stronger the breakout could be.

$APE has broken out of 3 resistance levels now. 0.91, 1.5 and now 1.884. If it breaksout of 2.441, we can now see it breakout of an 18 month sideways consolidation. In technical analysis, the longer the consolidation, the stronger the breakout. Will we see a massive candle from… pic.twitter.com/t9o9pozMC2

— Ontwerp.eth (@ontwerpy) December 4, 2024

ApeCoin price technical analysis: forming two patterns

APE chart | Source: crypto.news

The daily chart shows that the APE price has been in a strong uptrend after bottoming at $0.4937 earlier this year.

On the daily chart, two key patterns are emerging, suggesting that the ApeCoin price will continue to rise in the coming days.

The 200-day and 50-day moving averages have crossed each other, forming a golden cross pattern. When an asset forms this pattern, it often experiences a parabolic uptrend.

APE is also forming a cup and handle pattern, with the upper side of the cup being at $2.68.

If the ApeCoin price manages to close above the upper side of the cup, it could trigger a massive breakout, with the height of the cup being used to measure the target for the breakout, which would be around $5 in this crypto bull run.