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ApeCoin Price Prediction: Is APE a Good Buy Now?

ApeCoin Price Prediction: Is APE a Good Buy Now?

Last updated 5th Aug 2022
Disclosure
  • ApeCoin price has staged a strong recovery in the past few days.
  • Yuga Labs recently launched the beta version of Otherside.

ApeCoin price has staged a strong comeback in the past few days as investors wait for the upcoming launch of Otherside, a metaverse platform. The APE token rose to a high of $6.93, which was the highest level since June 1st of this year. It has surged by about 122% above the lowest level this year.

Why is ApeCoin rising?

ApeCoin is the native cryptocurrency for the Bored Ape Yacht Club (BAYC). The coin was launched in April this year by Yuga Labs, the NFT creator.

Like other cryptocurrencies, APE has had a difficult time in the past few months as its price crashed by about 90% from its all-time high.

Recently, however, the coin has rebounded and more than doubled from its lowest level this year. This comeback is also in line with the performance of other cryptocurrencies like Bitcoin and Ethereum.

Learn more about how to buy Apecoin.

ApeCoin price has also rallied because of the upcoming launch of Otherside, a metaverse platform that is being built by Yuga Labs. The creators are using the $317 million they sold during the recent Otherdeeds NFT sale. They also raised $450 million from investors at a $4 billion valuation.

Otherside is a metaverse platform where users from around the world will meet and interact. The developers compare it to Grand Theft Auto but where players are there on a real-time basis.

The developers recently tooka group of 4,500 members to test-drive the platform's beta version. Therefore, the ApeCoin price is rising as investors bet that Otherside will help make the ecosystem more vibrant at a time when BAYC NFT sales have eased. According to Crypto Slam, sales peaked in May.

ApeCoin price prediction

The four-hour chart shows that the APE price has been in a strong comeback in the past few days. The coin managed to move above the important resistance level at $5.57, which was the highest level on June 28th of this year.

ApeCoin has moved above the 25-day and 50-day moving averages. It also did a break and retest when it moved back to $5.57. The uptrend is being supported by the 25-day and 50-day moving averages.

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $7.46, which is about 10% above the current level.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.