ApeCoin Price Prediction as BAYC Sales Crawls Back
- ApeCoin price has been in a strong bullish trend recently.
- Bored Ape and Mutant Ape Yacht Club sales rebounded in October.
ApeCoin price has staged a strong recovery in the past few weeks as other cryptocurrencies have recoiled. APE soared to a high of $4.27, which was the highest point since November 8. It has surged by over 58% from the lowest point this month, giving it a market cap of over $1.48 billion.
Bored Ape Yacht Club (BAYC) sales rebounds
The Non-Fungible Token (NFT) industry is seen as one of the best use cases of the blockchain industry. By using smart contracts, the technology makes it possible to trade digital assets like art in the internet safely.
Bored Ape Yacht Club (BAYC) has grown to become the most successful NFT projects in the world. Since April 2021, the volume of all BAYC NFTs traded has been worth billions of dollars. Monthly sales peaked at more than $346 million in January.
Since then, the volume of BAYC NFTs has been wavering. It dropped to $31 million in September and October and then rebounded to over $62 million this month.
Meanwhile, the volume of Mutant Ape Yacht Club peaked at over $277 million in August 2021 and then retreated to more than $16 million in October. Despite the crypto weakness, it rebounded to over $28 million in November.
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ApeCoin tends to have a close relationship with Bored Ape Yacht Club since it is its native coin. However, the NFTs are facing significant competition from the likes of Claynosaurz and DeGod, which are in Solana’s ecosystem.
Another possible catalyst for ApeCoin price will be the upcoming launch of Otherside metaverse. Otherside will be a world-building platform where users will be able to play, create, compete, connect, and explore together. APE will be the native token for the Otherside ecosystem.
Still, it is unclear when the Otherside will be launched or whether it will be successful. Recently, metaverse platforms like Decentraland and Sandbox have seen little action.
ApeCoin price prediction
The four-hour chart shows that the APE price has been in a strong bullish trend in the past few weeks. As it rose, it managed to move above the important resistance level at $3.64, which was the highest point on November 10.
ApeCoin has moved above all moving averages while the Relative Strength Index (RSI) has moved above the overbought level. The Stochastic Oscillator has also kept rising. It has also risen above the 50% Fibonacci Retracement level.
Therefore, the coin will likely continue rising as buyers target the next key resistance at $5, which is about 20% above the current level.