ApeCoin Rockets 20% After Bored Ape Announced Plans to Introduce “Otherside”

APE/USDT coin is trading dramatically higher, skyrocketing nearly 20% in 24 hours and over 35% in the last seven days.
Bored Ape released a music video featuring Eminem and Snoop Dogg in June, driving a 35% spike in APE/USDT coin price.
APE gained attention two months ago after the ApeCoin DAO released millions of APE to NFT owners.

The ApeCoin was opened at $4.9739 after hitting a high of $6.2380 and a low of $6.1218. Currently, it is moving at $5.9840 with a daily surge of about $16.42%. On July 17th, Yuga Labs announced plans to introduce a new Metaverse gaming platform, ‘Otherside,’ in the Bored Ape Metaverse.

The 4,300 players, referred to as “voyagers,” were invited to a first-look tech demo and tour of the immersive, ape avatar-navigated online platform by the Yuga Labs-created game.

One of the main ingredients in the formula that has made Yuga’s Bored Ape Yacht Club the most well-known and identifiable NFT brand globally is exclusivity and extremely high financial barriers to entry. This news had a positive influence on the coin’s worth. ApeCoin’s value has seen an increase of 5.9635 since yesterday’s announcement.

Coin Cloud to Update Crypto Wallet

On July 14th, Coin Cloud announced that it would update its crypto wallet. Alongside the update, Coin Cloud mentioned that the support for ApeCoin in Brazil and the US is added to the existing 40 cryptocurrencies it offers. Hence, this news also sparked Apecoin’s momentum and pushed its prices higher.

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Rio de Janerio Confirming its Plans to Introduce Cryptocurrency

With recent news from Rio de Janerio confirming its plans to introduce cryptocurrency trading and blockchain tech into the city’s infrastructure, the whole crypto world, including APE, saw an increase in its price in the past week. As a result, the 65 million users from Brazil sound like a package deal to broaden the coin audience.

Eminem and Snoop Dogg Drive 35% Spike in APE Coin

Bored Ape released a music video in June featuring Eminem and Snoop Dogg. This video brought attention to the coin, and by the end of the month, ApeCoin rose by 35%. The price increase represents a slight improvement from the token’s otherwise harrowing month, which saw a recent decline of about 65 percent at a rate unusual even for the current bear market. The music video trended on YouTube throughout the weekend after its release and managed to spike the coin price.

ApeCoin DAO Released Millions of APE to NFT Owners

APE gained attention two months ago after the ApeCoin DAO released millions of APE to NFT owners. Holders of the Bored Ape Kennel Club (BAKC), Mutant Ape Yacht Club (MAYC), and BAYC received ApeCoins through airdrops. The launch led to APE reaching its all-time high value of $26.70 on April 28th. However, during the past month, APE went down by 14.5%, but it started to follow a rising trend in the previous week. According to metrics from intotheblock.com, ApeCoin (APE) now has a Concentration of Large Holders rating of about 91%.

ApeCoin Daily Technical Levels

Support Resistance
4.6857 5.2074
4.4029 5.4463
4.10640 5.7291
Pivot Point: 4.9246

ApeCoin (APE) Technical Outlook

The APE/USDT coin is trading dramatically higher, skyrocketing nearly 20% in 24 hours and over 35% in the last seven days. It’s currently trading at $5.5. On the 4-hour timeframe, the APE/USDT coin has disrupted through the strong resistance level of $5.7, allowing for more buying until $6.

A surge in ApeCoin demand could push the APE/USDT coin price above the $6 resistance level and expose it to the $6.45 level. Leading technical indicators, such as RSI and MACD, are pointing to a buying trend. Likewise, the 50-day EMA (exponential moving average) signaling buying trend over $5.26. Consequently, bulls are expected to remain bullish above the $5.35 support level.

On the flip side, a break below the $5.35 support level may expose the Solana price to the $4.86 and $4.15 range. Keep an eye on $5.25 to remain bullish above it and vice versa. Good luck!

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