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ApeCoin has lost the battle at the resistance of $4.2
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The cryptocurrency has been hit by the general weak crypto sentiment
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APE could drop to $3 if the bear pressure mounts
ApeCoin (APE/USD) traded at $3.5 as the cryptocurrency came under bear pressure from the $4.2 resistance. Buyers have been defending the $4.2 resistance for some time, giving hopes of a potential breakout and the start of a bull market. Apes seem to have now been defeated as the cryptocurrency looks at a possible decline to $3.
Recent strengths in ApeCoin coincided with the launch of the staking feature earlier this month. Despite witnessing a lot of success, the users of the staking service have been warned of numerous phishing attacks. Horizen Lab, the developer of the staking feature, has told users to only use the official link, ApeStake.io, for the service.
Nonetheless, from the price outlook, APE seems to be getting hit by the overall crypto sentiment. The decline comes despite Ape-coin-linked NFTs continuing to record leading sales volumes. A technical outlook shows APE still trapped in a descending channel.
APE slides from $4.2 resistance as weakness develop
APE initiated a bearish MACD crossover on the daily chart. The indicator has shifted to the negative territory after the latest price decline.
The cryptocurrency now trades below $4.2 resistance after bears took control. APE price has now crashed back to the descending channel. The price is gaining stability at $3.5, but the established support lies at $3.0.
Concluding thoughts
If bulls do not take control of APE at $3.5, the next decline could take the cryptocurrency to $3.0. APE price must overcome resistance at $4.2 and the descending channel to become bullish.
Where to buy APE
eToro
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ApeCoin gained 3% on Friday and remains green over the week
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ApeCoin will start to issue staking rewards on December 12
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The cryptocurrency faces resistance approaching the upper limit of descending channel
ApeCoin (APE/USD) staking functionality is no longer a dream – it’s a reality. Staking rewards are set to begin on December 12. Apes are making merry as the staking service launches with a thud, just like the APE airdrop.
ApeCoin staking launched on December 5, much to the excitement of its communities. In just one day after the launch of the staking feature, $32 million worth of APE was deposited in the staking contract. Stakers are now expecting the rewards in a few days, with 175 million APEs expected to be distributed in three years. The number represents around 17.5% of the total ApeCoin tokens in circulation. Will the staking feature launch boost the price of APE?
As CoinJournal previously reported, APE was gaining ahead of the staking service. The gains have cooled, in a typical buy the rumours, sell the news scenario. However, it is not that exactly, as APE had gained by an intraday of 3% as of press time. The cryptocurrency has remained at more than 2% in the past week. Will APE continue with the gains as the staking rewards trickle in? That will depend on the technical changes in APE price.
ApeCoin trapped in a descending channel amid a bullish push
On the daily chart, APE trades on the upper limit of the descending channel. The cryptocurrency has been trading at this level for weeks, with bulls getting rejected. The price action is, however, looking increasingly bullish, as shown by a continued push to break higher.
What to watch next for APE?
A breakout at the upper limit of the descending channel is the key event for ApeCoin next. The breakout will see APE price also overcome a crucial resistance at $4.2.
A breakout at the descending channel and $4.2 resistance will place APE for recovery to the next resistance at $5.0.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
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ApeCoin has returned 18% in a week.
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The launch of an NFT marketplace and expected staking feature is boosting the token.
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Further recoveries will depend on whether a breakout will occur at $4.2.
ApeCoin (APE/USD) has risen by double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost an intraday 0.78% as it hit a crucial resistance. The recent launch of an NFT marketplace has been fueling gains alongside an expected staking interface.
Staking allows users to lock their crypto tokens to a protocol to earn rewards. By staking, users contribute towards the stability of the ecosystem. Beginning December 05, APE staking will go live and pave the way for a pre-deposit. APE holders will start to earn rewards on December 12. The announcement, made on November 23 by Horizen Labs, however, raised criticism over the locking out of users in some territories, including the US. Regulatory concerns were cited as the reason for blocking them.
Nonetheless, investors could be accumulating APE ahead of the crucial December date. Should this turn out to be a bullish trigger, APE would break out and overcome a prolonged downside. It is still too early to speculate, as we have seen cryptocurrencies reacting ahead of major developments. With that in mind, keeping a tab on the technical side of APE trading would help.
APE meets resistance and descending trendline
The long-term technical outlook is bearish for APE. The token’s price is testing the resistance at $4.2, and momentum has weakened slightly. The resistance lies in the same zone as the long-term descending trendline.
The MACD indicator has turned bullish and shows momentum is building for APE. The RSI is above the midpoint, indicating that the buyers remain in control.
Should you buy APE?
A breakout at $4.2 or the descending trendline would be needed before buying APE. A successful breakout would take the token to $5 and potentially above $6.
If the breakout fails at $4.2, APE could witness consolidation below the crucial resistance.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
Crypto prices recorded gains this morning, with Bitcoin BTC/USD, the most valued cryptocurrency in the world, trading above the $16,400 level on Tuesday.
Ethereum ETH/USD also traded higher, surpassing the major $1,200 level.
Huobi Token HT/USD was the top gainer over the prior 24 hours, while Stacks STX/USD turned out to be the biggest loser.
At the time of writing, the global crypto market cap rose to $833.99 billion, recording a 24-hour gain of 1.8%. BTC was trading higher by 1.6% at $16,443.23, while ETH rose by around 3.3% to $1,210.40 on Tuesday.
Here are the top ten crypto gainers and losers over the past 24 hours:
Gainers
Price: $7.01
24-hour gain: 11.7%
Price: $0.0417
24-hour gain: 9.3%
Price: $0.2128
24-hour gain: 8.1%
Price: $4.12
24-hour gain: 7.6%
Price: $0.1018
24-hour gain: 7.3%
Losers
Price: $0.2532
24-hour drop: 10.5%
- Trust Wallet Token TWT/USD
Price: $2.00
24-hour drop: 3.8%
Price: $3.96
24-hour drop: 3.7%
Price: $0.6553
24-hour drop: 3.3%
Price: $0.6088
24-hour drop: 3.1%
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ApeCoin token has registered 25% gains in the past one week
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Bored Ape NFTs continue to attract high prices amid a prolonged crypto winter
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APE could stay bullish up to the 50-day MA or descending trendline
With gains of 25% in a week, ApeCoin (APE/USD) is among the top 3 return cryptocurrencies in the #50 rank. The gains come after APE reached a new low of $2.7. The last low for the cryptocurrency was $3.0 in June. APE has now overcome the bottom and was trading at $3.8 as of press time.
No significant news is influencing APE price, but potential optimism could be crawling back. According to the latest developments, Bored Ape NFTs are in demand. On November 23, an NFT from the Bored Ape Yacht Club collection sold for $950,000 or 800 ETH. The same was made to an NFT collector Keungz, who has multiple of them from Yuga Labs. Another sale between two unidentified wallets was made for nearly $940,000 or 780 ETH. Both sales were made above the current floor price amid a prolonged crypto winter that has hit NFTs.
Meanwhile, the ApeCoin community DAO has launched its own marketplace for the ecosystem NFTs. The marketplace was launched on November 24. It will support the transactions from BAYC collections, Mutant Ape, Bored Ape, and Otherdeed. These developments could attract attention to the APE token.
APE on a short-term price appreciation
A technical outlook shows APE has initiated a short-term recovery. The MACD indicator has shifted above the neutral zone and shows that momentum is improving for APE. The cryptocurrency has recovered above the 20-day moving average.
However, APE trades below a long-term descending trendline. Also, in the last two previous bullish attempts, APE has been rejected at the 50-day MA. The token now trades near the key moving average.
What next for APE?
APE price will continue to rise in the short term as momentum remains in place. However, longer-term recoveries will be determined by whether bulls will push the price above the 50-day MA and descending trendline.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
Cryptocurrencies staged a comeback after the Canadian central bank raised interest rates lower than expected. Coming amid a period of high inflation and high borrowing rates, speculations now shift to whether other jurisdictions will do the same.
The anticipation has driven the crypto market valuation to $996 billion. Also up among the altcoins is the Ethereum-based NFT crypto, ApeCoin APE/USD. The Yuga Labs token climbed 10% in the last week and 1.65% in the past day. The current price per APE is $4.81.
Since launching in March, the ApeCoin ecosystem has expanded significantly in gaming and NFTs. The latest is a plan to launch a new game in Otherside Metaverse – a virtual platform for multiplayer games. According to Yuga Labs co-founder Greg Solana, the game, dubbed Persistent World, will be released in 2023.
While the multiplayer game could strengthen Apecoin’s gaming aspect, its NFT side is also doing well. Blockchain data platform, DappRadar, shows that Apecoin’s Otherdeed NFT (also referred to as dynamic NFT) sold as high as $500k during the week.
Can APE topple the $5 resistance?
Source: TradingView
On the technical side, APE is bullish after moving from $4.1 to $5 in just seven days. The momentum has placed it above the 20-day moving average but below the 50-day moving average. However, the focus is on whether the NFT token can go past the $5 resistance. As it stands, the RSI momentum indicator is at the neutral 50, meaning the strength to the upside is weak.
Concluding thoughts
At the current resistance level, APE leg up past the $5 resistance depends on if the token will get enough buyers. The overall market sentiment is also something to consider. Considering the technical and fundamental factors, investors should exercise patience until a clear trend is notable.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
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ApeCoin DAO unlocked 25 million APE tokens for the launch contributors
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The ApeCoin was launched in March amid community hype
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APE has added 25% in the past one week
When ApeCoin APE/USD was launched with a lot of hype in March 2022, investors expected a lot. The token was launched to power the NFT ecosystem of the Bored Ape Yacht Club. APE attracted a real following, an aspect that gave a lot of popularity to BAYC. Since then, the hype around ApeCoin and BAYC has subsided. However, the ApeCoin DAO had a deal with its community, which could boost its token.
APE has gained by more than 15% in the past week. That happened after, on September 17, the treasury unlocked 25 million APE tokens. The tokens were reserved for the “launch contributors” of the project.
There is still a twist. The release of new tokens was expected to add bearish pressure to APE. That’s because it increases the supply of the tokens, which are fixed at one billion. The recent pump after the release implies that investors had priced the token release. The release may, therefore, have rekindled the hype around APE, boosting the price.
ApeCoin meets resistance amid weekly gains
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Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
Source – TradingView
Looking at the technical side, APE has met resistance at $6.0. The MACD indicator remains in the bullish zone. The token has also reclaimed the 20-day and 50-day MA. In all aspects, APE is bullish amid improved sentiment after the token release.
Concluding thoughts
We think it is not the right time to buy ApeCoin despite the latest gains. A resistance zone at $6.0 is likely to send the token lower. Investors should watch the level around $5.1 for a potential reversal.