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ApeCoin Price Soars 103% After LayerZero Integration

by Ouess
written by Ouess

ApeCoin (APE) has seen an impressive 103.21% price surge, climbing to $1.51. The spike follows the integration of LayerZero’s Omnichain Fungible Token (OFT) standard and new user incentives, boosting the token’s utility and market value.

LayerZero Integration Drives ApeCoin Price Rally

ApeCoin’s recent upgrade to LayerZero’s OFT standard has played a significant role in its price surge. This integration allows ApeCoin to function across multiple blockchains, including ApeChain, Ethereum, and Arbitrum, making APE more versatile and enhancing its utility as both a governance and gas token on ApeChain.

In addition, a new Native Yield mechanism developed with Decent.xyz enables ApeCoin holders to earn automatic yields. This feature is set by default for all accounts, with yields added to balances with each new block.

Market Reaction and Liquidity Boost

The market has responded enthusiastically to these changes. ApeCoin’s trading volume skyrocketed by over 6,400%, reaching $1.84 billion. The surge in activity pushed ApeCoin’s market cap past $1 billion, reflecting the token’s renewed momentum.

Liquidity on ApeChain has also significantly increased due to the introduction of bridges that allow the seamless migration of APE, ETH, and stablecoins between networks. This boost in liquidity has attracted developers and investors, increasing the token’s visibility and utility.

Within the first 12 hours of the update, ApeChain recorded over $25 million in traded volume. The platform also saw the creation of 148 liquidity pools and 62,700 transactions, demonstrating a strong response from the community.

Expanding Utility and Future Incentives

ApeCoin is also broadening its appeal with new user incentives. While specific details of the incentive program are yet to be announced, its launch is expected to further strengthen ApeCoin’s price and utility.

ApeCoin’s use as a governance token within the ApeCoin DAO, alongside its potential for real-world purchases, continues to add value. This growing utility aligns the token with the evolving needs of its users, contributing to its recent market success.

As of now, ApeCoin is priced at $1.51, representing a remarkable 103.21% gain in just 24 hours.

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Altcoin

SEI Token Surges 23% Amid DeFi Growth and Technical Breakout

by Ouess
written by Ouess

The cryptocurrency market has experienced significant fluctuations this month, with Bitcoin reaching a 25-day high, followed by a quick dip. Amid this overall market downturn, one coin has managed to stand out: SEI (SEI). In the last 24 hours, SEI has risen by 5%, hitting a 27-day high of $0.3747.

SEI Token Breaks Out of Falling Wedge

As of now, SEI is trading at $0.3665, with a 28% increase in trading volume over the last day. Over the past week, SEI has surged by 23%, largely due to positive technical indicators and growing developments within its decentralized finance (DeFi) ecosystem.

The key driver behind SEI’s recent rally is its breakout from a falling wedge pattern, a bullish reversal signal that often marks the end of a downtrend. The wedge pattern, defined by downward-sloping trendlines, was breached, signaling a shift in market momentum. Historically, such breakouts have led to further gains, and SEI seems to be following this trend.

Bullish Sentiment Supported by DeFi Growth

In addition to its technical performance, SEI’s rise is supported by significant activity within its DeFi ecosystem. This has further fueled optimism among investors and traders, who are eyeing potential upward movement.

Will SEI Maintain Its Momentum?

While SEI’s breakout has sparked excitement, analysts are watching resistance levels closely. On September 15, SEI hit resistance at $0.32, which held strong and prevented further gains. Despite this, SEI’s daily Relative Strength Index (RSI) has climbed above 63, signaling buyer dominance in the market. However, key indicators like On-Balance Volume (OBV) and Chaikin Money Flow (CMF) haven’t confirmed a full buy signal yet, suggesting some caution remains.

Looking Ahead

SEI’s next key level is at $0.43, and investors are closely watching whether the token can maintain its bullish momentum. Recent macroeconomic factors, such as the Federal Reserve’s 50 basis point interest rate cut, have improved market sentiment, providing additional support for SEI’s price.

Conclusion

SEI’s price surge, fueled by a technical breakout and growth in its DeFi ecosystem, shows promising signs of continued upward movement. As the token approaches a key resistance level, it will be crucial to monitor how it performs in the coming days.

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Altcoin

Dymension Price Analysis: DYM Surges with Dymension Name Service News

by Ouess
written by Ouess

The Dymension price analysis reveals a bullish trend as the asset experienced an 11% surge in the last 24 hours, trading at $2.02 during European business hours on Thursday. This spike follows the announcement of the upcoming Dymension Name Service (DymNS) on the modular network.

Recent Performance and Potential Breakout

DYM has shown a remarkable recovery after hitting an all-time low of $0.96. The asset’s price followed a V-shaped recovery, forming a cup-and-handle bullish continuation pattern, and soared to $2.19. However, the price is currently retracing as investors book profits.

The 24-hour trading volume has increased by 86% to $114 million, indicating growing investor interest. DYM is trading above the 50-day and 200-day simple moving averages (SMA), confirming the continuation of its uptrend.

Technical Indicators

On July 28, the moving average convergence/divergence (MACD) for DYM turned bullish, coinciding with the start of its price surge. The MACD is approaching the zero level, and a break above this point may signal a continuation of the rally. The Chaikin Money Flow (CMF) also broke above the zero line, indicating increased buying pressure.

The daily time frame chart shows a falling trendline acting as resistance. The price tested this barrier on July 17, showing signs of rejection. DYM may correct to $1.8, aligning with the 0.5 Fibonacci retracement level, before potentially bouncing to the 0.27 Fib extension level around $2.4. If the bears prevail, DYM could find lower support around $1.5, $1.4, and $1.3.

Impact of Dymension Name Service (DymNS)

The Dymension team announced the launch of Dymension Name Service (DymNS), a new user interface for seamless crypto interactions. DymNS will bring human-readable usernames to the Dymension network, similar to Ethereum Name Service (ENS). However, DymNS offers a unique twist by integrating multiple blockchains and RollApps under one name, allowing users to deposit to apps by simply transferring tokens to their 0x address followed by the relevant handle.

Conclusion

The Dymension price analysis highlights a significant 11% surge following the announcement of Dymension Name Service. This new feature aims to enhance user experience, potentially driving further adoption and price appreciation. DYM is expected to reach $2.4 as it continues its upward journey towards its previous all-time high.

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