APE Foundation, with a bombshell announcement on Friday, has given the green light to an exciting collaboration. This strategic partnership with a Formula 1 racing team seems to be adding a new dimension to the rapidly expanding ecosystem of ApeCoin DAO. However, the details are still being kept behind the scenes.
Could This Be a Turning Point for ApeCoin?
Firstly, according to ApeCoin DAO’s announcement, this partnership could be a turning point for ApeCoin. The F1 team’s strong competitive history and its position in the upper ranks of the 2023 Constructor Standings enhance the potential of the collaboration.
Yet, the most intriguing question is which team is involved in this partnership. Unfortunately, it is stated that the right time to share this information has not yet come. This collaboration, considered a strategic move by ApeCoin DAO, aims to increase brand visibility and reach.
Financially, the budget envisioned by the APE Foundation for the partnership is quite serious. While 5.125 million Euros are requested for the first two years, there is also a renewal option with a 5% increase in the payment plan. This seems like a solid step in line with ApeCoin’s long-term vision.
APE Price: Is Recovery from Decline Possible?
For those keeping a pulse on the cryptocurrency markets, the recent fluctuations in APE’s price have turned many investors’ eyes towards crypto assets. Especially last week, APE’s situation, causing approximately a 17% loss to its holders weekly, became a significant point of discussion in the markets. However, the latest developments might offer an unexpected glimmer of hope.
APE, which holds a unique place among NFT tokens, could escape the downtrend and climb towards the Fair Value Gap ranging from $2,364 to $2,392. The ups and downs since March 13 suggest that APE could encounter resistance at $2,191. The price of APE is $1.89 at the time of writing this article.
What Do the Metrics Say?
The Moving Average Convergence Divergence (MACD) indicator, which is significant in technical analysis, signals that APE is gaining positive momentum. The MACD moving above the zero line with green bars indicates the potential for an upward price movement. Similarly, the Relative Strength Index (RSI) moving towards the neutral level of 50, currently at 47.85, could also be considered a sign of potential price increase.
However, as always, potential risks should not be overlooked. In a downward scenario, a candlestick close below $1.70 could invalidate the bullish expectations. In that case, APE’s first support could be at the lowest level of February 28, which is $1.655.
