What holds for ApeCoin after meeting resistance at $5?
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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