- ApeCoin price is pursuing the $8.70 target, analysts identify a rare ascending triangle reversal setup in the NFT token's chart.
- Three months after the Otherside metaverse launch, Yuga Labs gave 4,300 players access in first of several trips for Voyagers.
- Analysts believe Otherside euphoria could act as a trigger for ApeCoin, pushing the NFT token's price higher in the ongoing rally.
ApeCoin witnessed a massive rally as Yuga Labs announced the Otherside metaverse welcomed over 4,300 select users. Analysts have a bullish outlook on ApeCoin, and predict a 45% price rally in the NFT token.
Also read: Here is the reason why Ethereum whales are buying millions of ApeCoin tokens
Euphoria of Otherside Metaverse spreads to ApeCoin
ApeCoin price witnessed upwards of 17% gains over the past week, hitting a weekly high of $6.11, a key level for the NFT token. The weekly gains followed the Otherside gaming metaverse demo and the Bored Ape avatar online platform tour on July 16.
Otherside's developers published a Litepaper shortly after the metaverse demo and revealed the event was the "First Trip" in a series for Voyagers. Developers have launched a series of playtest sessions to push the platform technology's limits and offer players a superior experience.
The euphoria of the Otherside Metaverse event, where over 4,300 users were welcomed to the demo, spread to ApeCoin, pushing the NFT token higher. Since APE is the governance token at ApeCoin DAO, the NFT token witnessed a price explosion in response to new developments in the ecosystem.
The ApeCoin DAO powers the ecosystem of apps and services deployed by Yuga Labs and Otherside, linking the two entities to APE.
Analysts believe ApeCoin price could jump 45%
Analysts evaluated the ApeCoin price trend and identified a technical setup called the ascending triangle. This setup is considered a continuation pattern. Yashu Gola, a leading crypto analyst, therefore, argues that the ApeCoin price rally is likely to be extended. Gola notes, APE's ascending triangle was formed at the end of its downtrend, and the NFT taken is therefore ready for a 45% rally from the current price. This implies that ApeCoin's bullish target is $8.40.
APE-USD price chart
FXStreet analysts have identified key price levels in ApeCoin's trend. Check this video for more information:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Avalanche set to gain wider reach with its Stripe integration
Stripe makes another move by integrating AVAX and Core into its platform. Users can purchase AVAX directly on Stripe, along with dapps and NFTs. The partnership may stir traffic into the Avalanche ecosystem and cause more interest in web3.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin (BNB) price, like most altcoins, is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price.
EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation
EigenLayer announced it would launch season one of its airdrop on May 10. EIGEN tokens would play a key role in the recently introduced "intersubjective forking." Some crypto community members have expressed dissatisfaction with the airdrop vesting schedule.
Ethereum erases weekend gains as yearlong SEC investigation comes to light
Ethereum (ETH) began the week by posting losses of 4.2% on Monday after recent filings from Consensys revealed that the Securities & Exchange Commission (SEC) began formal investigations into ETH's security status since March 2023.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.