- APE looks bullish ahead of staking as this could be one of the most anticipated stakings in crypto.
- Price reclaims 50 exponential moving average (EMA) on the daily timeframe
- ApeCoin price breaks out of an asymmetric triangle setting up a bullish scenario
ApeCoin (APE) has seen more turbulent times than a rosy start as its price tumbled from $27 to $4 but could be set for a major run ahead of its impending staking scheduled to start in the fourth quarter of this year. The price of ApeCoin (APE) has shown great strength against tether (USDT) ahead of the staking despite the crypto market faced with price uncertainty. (Data from Binance platform)
ApeCoin (APE) Price Analysis On The Weekly Chart
Although so much speculation about the price of APE performing so well, like its Bored Ape Yacht Club, Mutant Ape Yacht club, and of course, the sale that generated so much talk in the crypto industry, “the Otherside” land sale. The performance of APE was short-lived as the market continued to see a decline in the price of crypto assets.
The price of APE on the weekly chart got rejected as the price tried breaking above $7.5, with the price falling to a weekly low of $4. The price of APE bounced from that level with what seems to be an area of high demand for the price of APE.
APE price rallied from this region to $5.7, where it has been faced with resistance to breaking above this region to trend higher. The price of APE needs to break and hold above $6 to resume its bullish sentiment.
A break above $7.5 with what looks like a strong resistance would signal strong bullish movement as the price has been rejected severally from that region.
APE looks bullish ahead of the staking, with the staking acting as the catalyst for APE price movement.
Weekly resistance for the price of APE – $7.5.
Weekly support for the price of APE – $4.
Price Analysis Of APE On The Four-Hourly (4H) Chart
The 4H timeframe for APE prices continues to look strong as the price broke out of its asymmetric triangle and closed above it setting up for more bullish movement.
On the 4H timeframe, the price of APE is currently trading at $5.66 above the 50 and 200 Exponential Moving Average (EMA), acting as support for the APE price. The price of $5.2 corresponds to the support at 50 EMA for the price of APE. The price of APE needs to hold the asymmetric triangle to maintain its bullish structure ahead of the staking.
Four-hourly resistance for the APE price – $6.5.
Four-hourly support for the APE price – $5.2-$4.5.
Featured Image From Boardroom, Charts From Tradingview
ApeCoin (APE) Sees Higher Prices Even In Bearish Market Conditions
After the emergence of Decentralized Finance, Non-fungible tokens erupted in the crypto space. The novel sector carried its frenzy wave for a long time before normalizing and continuing a gradual expansion. One of the notable coins from the NFT sector is ApeCoin.
ApeCoin is built on Ethereum and connected to the Bored Ape Yacht Club NFT launched in 2021. At launch, only one billion ApeCoin tokens were created and fixed without plans of releasing more.
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During the launch, the team sold some tokens and reserved some for later dispersal.
The Reason Behind Higher Gains Of APE Coin
Earlier this year, analysts predicted that ApeCoin APE could reach $5 by November 2022. But the coin has surpassed the predictions and is currently trading at $5.65 on September 20. Though the ApeCoin APE, at the time of writing, has lost over 7% in the last 24 hours, it added over 10% in the last week. The achievements place it above many coins presently trading in the red.
Many investors now wonder what the force behind ApeCoin’s growth could be. A little research showed that the recent event on its network could have helped to boost the price gain.
On September 17, ApeCoin treasury gifted 25 million APE tokens to launch contributors. These tokens were part of the ones reserved after launch.
The event news pushed APE up almost immediately before it settled down again. Fast-forward to September 20, the market sentiment for APE is still positive, gradually moving its price above others in the same league.
Why Is The Crypto Market Bearish?
The early hours of September 19 saw the whole crypto market in the red. Many coins lost their previous price gains and crashed. This trend started on September 15, immediately after the Ethereum Merge.
The event expected to reverse the market to a bullish trend now caused the opposite. Bitcoin historical data shows that it lost $1000 immediately after the merge. On the other, Ethereum lost its grip on $1600+, plunging to $1,471.69 the same merge day.
Three days later, Ether’s price fell to $1,335.33, causing many to say that the upgrade was overhyped. As Bitcoin and Ethereum lost price gains, other cryptocurrencies followed suit, leaving the market in red on September 19.
But what could be the reason for the price loss? This week opened with a lot of dread as the market awaited the new interest rate hike. Recall that the inflation data released for August was higher than expected.
As a result, the Federal Reserve is to release a new interest rate, a third-straight 75-basis-point.
Will The Interest Rate Hike Plunge The Market?
The meeting for the rate decision kicked off on September 20 and will end on September 21 with the announcement. Currently, the whole financial market awaits the information in fear.
Some even hinted that the Feds might target a 100-point, a level not reached in the last 40 years. Analysts on Wall Street and JPMorgan Chase keep debating whether the 100-point basis would be the next level.
Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week
But on the side of investors, a 75-basis point will be suitable for them instead of the feared level. As the meeting is moving towards the end, asset prices have become highly volatile, showing the uncertainty gripping investors.
By tomorrow, September 21, the Fed’s decision will determine the trend erupting in the crypto market.
Featured image from Pixabay and chart from TradingView.com
ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?
ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level.
- APE shows energy, rallies 4.3% in the past seven days
- Coin impacted by general crypto slump
- US inflation also weighing down on crypto price
APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.
The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months.
ApeCoin Recent Developments Contributed To Its Surge
With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish.
However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.
ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community.
Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests.
Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).
Crypto Market Experiencing Downtrend
According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.
The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours.
Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday.
U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.
Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation.
Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar.
Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35.
On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins.
On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12.
APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com Featured image from The VR Soldier, chart from TradingView.com
APECoin Retraces 2.5% In Last 7 Days – More Selloff In The Offing?
ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks.
- ApeCoin moving erratic in an ascending parallel channel.
- Price maintains to hold above the key support zone of $6.5.
- APE/USD pair gearing sideways spotted at 0.000286 Satoshis.
The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week.
On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days.
APECoin Price Trades at $6.83
According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time.
A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel.
At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5.
A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline.
Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening.
RSI Shows Retracement; Bears Trying To Claw Their Way In
ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel.
On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline.
APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel.
APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com Featured image from AirdropAlert, Chart from TradingView.com
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