ApeCoin (APE) staged a strong comeback, soaring to a high of $1.727 on Sunday

ApeCoin token has staged a strong comeback in the past few days, thanks to the ongoing traction of ApeChain. The APE token soared to a high of $1.727 on Sunday, its highest point since April 9.

ApeCoin (APE) token has soared to a high of $1.727 on Sunday, fueled by the rising traction of ApeChain. The APE token began the year trading at a low of $0.387. At its highest point on Sunday, it was up by more than 200%.

ApeChain transactions surged

The on-chain metrics showed more interest in the ApeChain network, which led to the increase in ApeCoin token. According to ApeScan, the number of transactions on the network increased to 890,425 on October 20th. On September 17th, the number of transactions was 48.

Another data set showed that the number of addresses on the network reached a record high of 98,140 on Sunday.

These numbers indicate that the network, which was recently launched, is gaining traction among traders and developers. Dookey Dash, Battle Plan, and Top Trader are some of the most popular games in the ecosystem. Ape Express and Camelot are also major participants in the finance sector.

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), launched ApeCoin and ApeChain. This occurred as sales of the BAYC NFT decreased. According to CryptoSlam, these NFT sales and floor prices have decreased significantly over the past few months.

ApeChain is a product of Yuga Labs that aims to increase the utility of the ApeCoin token and expand its ecosystem. Additionally, it appears that several major cryptocurrencies are developing their own independent blockchains.

For instance, dYdX, a well-known exchange, launched the dYdX Chain in 2023. Meanwhile, Uniswap has announced plans for Unichain. Earlier this year, Shiba Inu also launched Shibarium.

The futures open interest for ApeCoin increased significantly as the token surged. According to CoinGlass, the futures open interest reached $230 million, which is the highest level since May 2022.

ApeCoin price analysis

APE chart by TradingView

The daily chart shows that the APE price recovered strongly, reaching a high of $1.727 on Sunday. This year, it has risen by more than 200% from its lowest point.

It fell below the fourth Woodie resistance level after retesting it. It remains above the 50-day and 200-day Exponential Moving Averages (EMA), indicating that the bulls are currently in charge.

Additionally, the momentum, Relative Strength Index (RSI), and MACD indicators have all risen over the past few days. ApeCoin also crossed the crucial resistance threshold at $0.887, which was its highest point in September.

As a result, investors may begin taking profits, which will probably cause the token to decline. It will retest the key psychological level at $1 if this occurs. A rise above Sunday's peak will herald more gains shortly.