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Cryptocurrency Markets rebounded after Bank of Canada raised interest rates lower than expected. Now that an era of high inflation and high borrowing rates has arrived, speculation has shifted to whether other jurisdictions will do the same.
The forecast pushed the valuation of the cryptocurrency market to $996 billion. Among the altcoins is also his ApeCoin APE/USD, his NFT crypto based on Ethereum. Yuga Labs token is up 10% last week and the day before he was up 1.65%. The current price per APE is $4.81.
Since its launch in March, the ApeCoin ecosystem has expanded significantly in games and NFTs.The latest is planning to launch a new game The Other Side of the Metaverse Virtual platform for multiplayer games. The game, called Persistent World, will be released in 2023, according to Yuga Labs co-founder Greg Solana.
Multiplayer games could enhance the gaming side of Apecoin, but its NFT side is also doing well. Blockchain data platform DappRadar shows that his Otherdeed NFT (also known as dynamic NFT) on Apecoin has sold him as much as $500,000 in one week.
Source: Trading View
On the technical side, APE is bullish as it rose from $4.1 to $5 in just seven days. Momentum is above the 20-day moving average but below the 50-day moving average. However, the focus is on whether the NFT token can break out of the $5 resistance. As it stands, the RSI Momentum indicator is at the neutral 50, which means the upside strength is weak.
At the current resistance level, whether the APE crosses the $5 resistance depends on whether the token finds enough buyers. Overall market sentiment should also be considered. Considering technical and fundamental factors, investors should exercise patience until a clear trend becomes evident.
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