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ApeCoin gains 3% on Friday, remains green for a week
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ApeCoin will start issuing staking rewards on December 12th
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Cryptocurrencies face resistance nearing upper end of descending channel
Apecoin (APE/USD) staking Functionality is no longer a dream. It’s a reality. Staking rewards are scheduled to start on December 12th. The apes are overjoyed as the staking service kicks off, much like the APE airdrop.
ApeCoin staking launched on December 5th has caused a lot of excitement in the community. Just one day after the launch of the staking feature, his APE worth $32 million was credited into the staking contract. The staker is now expecting rewards in a matter of days, and over three years he is expected to have 175 million APEs distributed. This figure represents approximately 17.5% of his total ApeCoin tokens in circulation. Will the price of APE increase with the introduction of the staking feature?
Formerly as a coin journal report, APE was getting ahead of the staking service. In the classic buy-on-the-rumour-sell-on-the-news scenario, profits have cooled. That’s not exactly the case, though, as APE is up 3% intraday at the time of writing. Crypto has remained above 2% for the past week. Will the APE continue to be profitable as the staking rewards come in little by little? It depends on the technical changes in the APE price.
ApeCoin trapped in descending channel amid bullish push
On the daily chart, APE is trading at the upper end of the descending channel. The cryptocurrency has been trading at this level for several weeks and the bulls are being rejected. However, the price action looks increasingly bullish.
What’s next for APE?
A breakout at the upper end of the descending channel is the next significant event for ApeCoin. The breakout will also see APE price overcome the key resistance at $4.2.
A breakout in the descending channel and resistance at $4.2 should push APE back to the next resistance at $5.0.
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