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The Apecoin price has soared by 11%, going from $3.5 to $3.8 before a minor retrace. The market capitalization of this metaverse crypto stands at more than $1.3 billion. This good run during the current bearish market is a good sign that indicates that cryptocurrencies are en route to recovery. Is that the case, or is a major retrace on the way?
ApeCoin Price Weekly Action – A reversal that Defied Gravestone Doji
A Gravestone Doji is a bearish reversal candlestick pattern formed just before a long-term bearish downtrend arrives. But ApeCoin’s price action defied it and formed a bullish engulfing pattern the next day.
The weekly price chart for ApeCoin shows long greens and smaller reds, signaling that the force is strong with the bulls on this one. The token’s recent performance can be attributed to several reasons. One of them is the recent announcement on Twitter that ApeCoin staking is about to become a reality.
https://twitter.com/alexmccurryo/status/1596641443816574976?s=20&t=NexA0zpIVd-QHf7cbAfqew
Introducing ApeCoin staking will diversify this metaverse asset into the DeFi sector, paving the way for its growth even further. Other reasons include the introduction of the ApeCoin DAO special council elections that invited Ape Coin holders to become a part of it since three users, @Crypto_Counsel, @maariabajwa, and @amytongwu, have stepped down as members.
The announcement of the arrival of new members has hit the community positively since the devs asking the community members to join the council is a sign that ApeCoin is truly a people-centric ecosystem.
The third reason behind the positive price action of ApeCoin is the arrival of an NFT-driven marketplace. Created specifically for the OtherSide and Bored Ape Yacht Club Communities, this marketplace has been developed by Snag Solutions, a relatively unknown team of developers.
You been waiting for this!!
Today @snag_solutions is launching the official @ApeCoin DAO marketplace 👇 pic.twitter.com/AFFignsokA
— CryptoZach.eth (@ZHeerwagen) November 23, 2022
This move shows that the Bored Ape Yacht Club is en route to going independent and more community-driven than before. That will allow the BAYC to diversify independently and increase the crypto adoption rate.
More about The NFT Marketplace
“The platform has unique features for BAYC and Otherside COmmunities, including ApeCoin staking and NFT metadata integration.”, said Zach Heerwagen, CEO of Snag solutions. The new NFT platform has taken an inclusive approach to bring Otherside and BAYC community together, including:
A reduced fee structure for sellers
Selling NFTs for ETH will cost 0.5%, and ApeCoin will cost a 0.25% fee.
Using the Sale Proceeds to fund ApeCoin DAO Initiatives
Furthermore, 0.25% of each sale proceeds will be stored in a multi-signature wallet to fund initiatives decided by ApeCoin DAO.
Will the ApeCoin price keep up with the current momentum?
The crypto community has finally started to see metaverse assets in a positive light. These assets give utilities from cryptocurrencies beyond their value as tradable assets, which might prove fruitful for the likes of ApeCoin. And with the announcement that the latest NFT marketplace caters specifically to BAYC and Otherside NFTs, ApeCoin is preparing to head in a positive direction.
The current signals indicate that an accumulating stage is combining since the RSI is 50, just in the middle. Stability is rare in the marketing scenario, and ApeCoin’s recent price action indicates that it is heading in a more stable direction.
ApeCoin Price Chart Shows a Great Time for Early Buyers
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Conclusion
ApeCoin’s sudden rise is due to the arrival of the BAYC-exclusive marketplace and an ecosystem that supports ApeCoin staking. It means it’s uncertain how long the ApeCoin price will keep up the momentum.
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