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ApeCoin Up 4%: Updates on Horizen Labs Staking Program Underpin APE

ApeCoin
ApeCoin

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ApeCoin is up 4% amid optimistic fundamentals from the network. However, the recent APE coin’s recent gain has failed to reverse its previous downward trend fully. It’s trading near $5.70 even as ApeCoin prepares to launch a staking program. ApeCoin (APE) is a cryptocurrency based on the Ethereum blockchain. ApeCoin (APE) prices have risen by 2.75 % in the last seven days.

However, APE tokens fell during the weekend amid the release of over 25 million tokens and increased selling pressure. The 25 million tokens, which account for 8% of ApeCoin’s current circulating supply, are part of a planned sequence of unlocks that will eventually result in a total supply of 1 billion APE tokens, up from 314 million now.

ApeCoin (APE) Rises as Staking Program Near

As the staking program nears completion, the coin that powers the Bored Ape Yacht Club ecosystem has recently risen sharply. According to CoinMarketCap data, ApeCoin (APE), the cryptocurrency underlying the Bored Ape Yacht Club ecosystem, hit a new 30-day high of $6.12 a few days ago.

During the last week, the total number of unique wallet addresses holding APE increased by 0.008% to 90,305, according to Etherscan statistics. However, ApeCoin’s recent rise coincided with a slight recovery in the broader crypto market, with Bitcoin and Ethereum up about 3.5% following a week-long decline.

Furthermore, the rally was boosted by the announcement that ApeCoin is planning to launch a staking program.

ApeCoin Up 4% Despite Slowdown in Crypto Market

The ApeCoin gains were fleeting, as the cryptocurrency market fell all day and could not recover. Because of poor global markets and recession fears in important countries such as the United States and Europe, the cryptocurrency market has been flashing red since the beginning of the week and is currently trading unsteadily.

The aggressive inflation-fighting policy of the United States Federal Reserve lowered morale even further. This occurred after the Fed raised interest rates by 75 basis points. Wall Street and European markets fell sharply this week as oil prices fell and bond yields rose to multiyear highs.

Horizen Labs Staking Program Going Live on October 31

ApeCoin holders chose Horizen Labs to build its staking platform in May, rewarding users who stake (or retain) ApeCoin, Bored Ape, and Mutant Ape NFTs. Horizen Labs provided an early look at the staking program’s user interface earlier this month as the platform prepares to launch in the fall of 2022.

Last week, the company announced a Twitter space on September 22 to keep the community up to date on the latest developments.

Stronger US Dollar Weigh on ApeCoin

In the meantime, the US dollar has passed through the 111 thresholds, making the greenback a potential target for cryptocurrencies. Transaction volumes in the cryptocurrency market have recently plummeted. But in the last day, the volume of the global crypto market has dropped by 37%, to $49.82 billion.

Another important factor impacting the ApeCoin token’s price was the US dollar’s growth. The broad US dollar rose to a fresh 20-year high, extending gains after the Federal Reserve raised interest rates and struck a more hawkish tone than expected at its most recent meeting.

ApeCoin Up 4%: Quick Technical Outlook

The coin’s declines were aided by a bearish crypto market and a stronger US dollar, both of which tend to undermine digital currencies like ApeCoin. The current price of ApeCoin is $5.71, with a 24-hour trading volume of $149,392,168. ApeCoin has gained 4.03% in the last 24 hours.

ApeCoin Price Chart

ApeCoin Price Chart – Source: Tradingview

APE is now ranked #32 in the market, with a current market capitalization of $1,662,801,606. There are currently 306,875,000 APE coins in circulation, with a total supply of 1,000,000,000 APE coins available.

On the technical front, the APE/USD pair will likely gain immediate support near $5.38, which is being extended by the upward trendline. The 50-day exponential moving average (EMA) probably also supports an uptrend. A break below the $5.38 level can open additional room for the selling trend until $4.93.

On the other hand, the resistance is likely to be found around the $6.11 or $6.46 level. The upward trendline, 50 EMA, and MACD support an uptrend. Consider looking for buying opportunities above the $5.40 level.

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