** Disclaimer** I'm a novice trader working to put my thoughts out there to see how the stack up against the market - please feel free to share/comment on my thoughts - please don't use this chart as financial advice
At this point, though, $APE coin sits in a precarious symmetrical triangle and has progressed quite deeply into it. It would suggest that APE is preparing for a move downward, and the predicted bottom price is ~$3. As my chart indicates, it has rejected its ATL resistance line three times. There could be a good reason for this leading to longer-term holders and speculative investors buying the coin when it hits its bottom. For the time being, I would wait to see how the coin stacks up in its triangle.
Considerations and Fundamentals;
$APE coin is a coin I've been following closely. As an artist with his own NFT collections, I enjoy looking at what influences the NFT market and how NFTS interacts with coins. For those that are not aware, NFTS, in theory, are deployed as tokens (same as coins) against a smart contract; however, their operability is adjusted slightly within the contract to do things like display an image. Many are unaware that the tokens, rather than ERC-20, are an ERC-721 standard, which is a convoluted way of stating that NFTs are non-devisable and non-fungible.
$APE coin is a relatively controversial coin. Most view it as a scam driven by a bunch of Crypto Bros who hit it big with their Bored Ape Yacht Club offering, which rocketed to price heights a year after release. I have no idea why that token, in particular, did so well. Regardless, it has enabled Yuga Labs (the brain trust of BAYC) to absorb voluminous amounts of money to invest in other projects. Projects such as Meebits, Cryptopunks (an OG NFT - close to 5 years old), and establish "Otherside", an upcoming metaverse game I'm interested in and want to play.
Two significant points of interest have had me bullish on $APE coin for much of this environment. Firstly, Otherside (the game) will utilise $APE coin as the mainstay currency. At this point, there is not enough information about the coin's utility in the universe or if people can potentially earn $APE coin through game mechanics; what it suggests is a future currency demand.
Beyond that, a staking mechanism has been on the cards for some time. The $APE Coin DAO voted and passed the concept six months ago. Company Horizen has been the key partner in establishing and delivering this mechanism. In a very lazy, low-key twitter post - the test net version of the staking mechanism has been released for public testing. The mainnet version is due "soon" - but was initially earmarked for the 31st of October - most are currently assuming with little comms that the date may be pushed back - some speculating even into December.
The short of the long is that this mechanism will allow Bored Ape collectors to stake their NFT within a pool for returns; however, there is a premium to stake your NFT. Two thousand odd Ape coins are required PER staked NFT. A prompt that will contribute to demand on the circulating supply of the coin further. With only 300m of the total supply in circulation and a good chunk of the coin being held by exchanges and early holders, I can see some short-term rallies coming.
At this point it would be safe to remain out of APE coin - but do note there are points of interest for the large community invested in the ecosystem to soak up the circulating supply coming in the future, so it may be a coin to watch.
At this point, though, $APE coin sits in a precarious symmetrical triangle and has progressed quite deeply into it. It would suggest that APE is preparing for a move downward, and the predicted bottom price is ~$3. As my chart indicates, it has rejected its ATL resistance line three times. There could be a good reason for this leading to longer-term holders and speculative investors buying the coin when it hits its bottom. For the time being, I would wait to see how the coin stacks up in its triangle.
Considerations and Fundamentals;
$APE coin is a coin I've been following closely. As an artist with his own NFT collections, I enjoy looking at what influences the NFT market and how NFTS interacts with coins. For those that are not aware, NFTS, in theory, are deployed as tokens (same as coins) against a smart contract; however, their operability is adjusted slightly within the contract to do things like display an image. Many are unaware that the tokens, rather than ERC-20, are an ERC-721 standard, which is a convoluted way of stating that NFTs are non-devisable and non-fungible.
$APE coin is a relatively controversial coin. Most view it as a scam driven by a bunch of Crypto Bros who hit it big with their Bored Ape Yacht Club offering, which rocketed to price heights a year after release. I have no idea why that token, in particular, did so well. Regardless, it has enabled Yuga Labs (the brain trust of BAYC) to absorb voluminous amounts of money to invest in other projects. Projects such as Meebits, Cryptopunks (an OG NFT - close to 5 years old), and establish "Otherside", an upcoming metaverse game I'm interested in and want to play.
Two significant points of interest have had me bullish on $APE coin for much of this environment. Firstly, Otherside (the game) will utilise $APE coin as the mainstay currency. At this point, there is not enough information about the coin's utility in the universe or if people can potentially earn $APE coin through game mechanics; what it suggests is a future currency demand.
Beyond that, a staking mechanism has been on the cards for some time. The $APE Coin DAO voted and passed the concept six months ago. Company Horizen has been the key partner in establishing and delivering this mechanism. In a very lazy, low-key twitter post - the test net version of the staking mechanism has been released for public testing. The mainnet version is due "soon" - but was initially earmarked for the 31st of October - most are currently assuming with little comms that the date may be pushed back - some speculating even into December.
The short of the long is that this mechanism will allow Bored Ape collectors to stake their NFT within a pool for returns; however, there is a premium to stake your NFT. Two thousand odd Ape coins are required PER staked NFT. A prompt that will contribute to demand on the circulating supply of the coin further. With only 300m of the total supply in circulation and a good chunk of the coin being held by exchanges and early holders, I can see some short-term rallies coming.
At this point it would be safe to remain out of APE coin - but do note there are points of interest for the large community invested in the ecosystem to soak up the circulating supply coming in the future, so it may be a coin to watch.
Comment:
something I've noticed over the past day is that APE has tested the $4.1 mark 5 times, twice in the last 48 or so hours and each time has quickly moved back up. I suspect there are a lot of buy limit orders sitting on that marker - this could be a strong accumulation point for APE as the price moved back up toward the 4.3-4.5 mark very quickly. Historically that marker was a strong accumulation point too after a pull back from $3 bacj in july. I would be surprised if APE stayed at $3 for an extended period of time as there seems to be a lot of interest in scoping that coin up cheaply. given the forex hit I'm taking as an Aussie, I decided to take a position at the ~$4.80 US mark and hold through the next move down and (detailed above) i think there is a strong case for future soak that will float APE price back towards 7-8$ US. Heavy speculation here on my part and please don't use this as a signal to buy in, my position is highly speculative and i know it may not go well in my favour. Especially if the SEC investigation causes HEAVY fud which it likely will.
Comment:
Nice 4% pump from ape but it's likely a dead cat bounce - according to intotheblock ~1m coins were dropped onto the market either by a triggered stop loss or someone big wanted out - suspect a push down is coming
At this point $APE coin has slipped below a precarious symmetrical triangle and has progressed below it . It would suggest that APE is preparing for a furthermove downward, and the predicted bottom price is ~$3. As my chart indicates, it has rejected its ATL three times thus it creating a support line .