This article provides a technical analysis summary of ApeCoin, the governance token of the Bored Ape Yacht Club NFT collection, after its 0.04% price increase to $2.09 over the past hour.

With the crypto markets poised for a powerful bull run, now is the optimal time to sign up for Binance and start trading emerging metaverse tokens like APE.

ApeCoin has a 24-hour trading volume of $51.98 million. Over the past day, APE gained 0.46% against a backdrop of mixed price action across crypto assets.

Zooming out, APE has rallied 3.77% over the past week, showcasing its relative strength. However, APE remains down 9.68% over the past month as its post-launch hype cools off.

Technically, APE is testing resistance at $2.10 after rebounding from support around $1.70 earlier this month. A decisive break above $2.10 could signal a bullish trend reversal, opening the door to $2.50. Support sits around $1.90. Losing this level risks a decline to the 200-day moving average near $1.50.

Can BAYC Utility and Hype Keep Lifting APE Prices?

As the Bored Ape Yacht Club NFT ecosystem expands, additional utility for APE may emerge. This could range from metaverse land purchases to exclusive content access. If hype around BAYC stays strong, APE demand is likely to rise over the long-term.

What Levels Could Define APE's Next Major Move?

APE faces resistance at $2.10, where rejection could see prices retest support around $1.90 once again. A break above $2.10 likely signals upside toward $2.50. Support sits at $1.90, with a break below this level exposing downside risk toward $1.50. Therefore, $1.90 and $2.10 are key levels that could precipitate APE's next big trending move.