ApeCoin price eyes $8.70 target after Otherside Metaverse demo
- 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:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
