After surging by over 7% in the last several days, ApeCoin’s value has surged. As the buzz about BAYC’s Otherside initiative grows, the profits could be extended soon.
ApeCoin Announces a Rally
ApeCoin is gaining traction in the bull market. Tokens linked to the BAYC are inching closer to all-time highs. The price of Apecoin has risen from $10.90 to $17.20 in the last 2 days, an increase of over 58 percent. Rising rumors that Yuga Labs, the firm behind the BAYC NFT collection, plans to use it as a payment for selling virtual terrain in its upcoming Metaverse project Otherside looks to be fueling the current bullish urge. Otherside is rumored to be selling land plots in a Dutch auction system, with bids starting at 600 Apecoins. In a tweet sent out early Wednesday, renegademaster stated to have obtained knowledge about Otherside’s drop mechanisms.
The news comes as BAYC, the breakthrough celebrity of the NFT explosion last year, maintains its dominance in the NFT marketplace. It is estimated that a BAYC NFT is currently worth $370K, which is more than double the last greatest collection of NFTs, CryptoPunks, had been selling for. Yuga Labs bought the copyrights to the Punk characters from Larva Labs for an unknown sum in March. BAYC now has a near-monopoly on the graphics personalities. ApeCoin was revealed a few days later, then announced that Otherside would be released in April.
It’s not clear how ApeCoin might be used to sell Otherside coins, but the investment vehicle has risen a lot and looks ready to start setting prices. However, the token could quickly backtrack to gather the liquidity required to explode to new highs.
Apecoin’s 4-hour chart has shown a sell signal from the TD Sequential signal. The bearish pattern took the shape of a positive 9 candlestick, foreshadowing a 1-4 candlestick reversal. At these prices, a rise in profit-taking may help back up the short-term pessimism that people have been having about the market.
If the $15.60 support level is broken, this could be the first hint of a breakout. APE may rebound to $14.40 or possibly $13.70 if it goes below support before rebounding and attempting new historic highs. If APE closes above $17.20 on a 4-hour candlestick, the short-term bearish dissertation will likely get thrown out of the window. Breaking through the key resistance line may entice long-term investors back into the market, propelling prices up to $20 or above.