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


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ApeCoin is up 4% amid optimistic fundamentals in the network. However, the recent gain of the recent APE coin has not been able to completely reverse the previous downtrend. It is 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 gained 2.75% in the last seven days.

However, APE tokens fell over the weekend due to the release of over 25 million tokens and increased selling pressure. The 25 million tokens, representing 8% of ApeCoin’s current circulating supply, are part of a planned launch series that will eventually lead to a total supply of 1 billion APE tokens from the current 314 million.

ApeCoin (APE) rises as a stake program near

As the staking program nears its end, the coin that dominates the Bored Ape Yacht Club ecosystem has seen a sharp rise recently. According to data from CoinMarketCap, ApeCoin (APE), the cryptocurrency behind the Bored Ape Yacht Club ecosystem, hit a new 30-day high of $6.12 a few days ago.

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

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

ApeCoin rose 4% despite the slowdown in the Crypto Market

ApeCoin’s gains were fleeting as the cryptocurrency market fell throughout the day and failed to recover. Due to poor global markets and fears of a recession in key countries such as the US and Europe, the cryptocurrency market has been flashing red since the beginning of the week and is currently trading volatile.

The US Federal Reserve’s aggressive inflationary policy further depressed morale. This was 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 hit multi-year highs.

The Horizen Labs Staking program starts on October 31st

ApeCoin holders selected Horizen Labs to build their staking platform in May, which rewards users who stake (or hold) ApeCoin, Bored Ape, and Mutant Ape NFTs. Horizen Labs offered an early look at the betting program’s interface earlier this month as the platform prepares for a fall 2022 release.

Last week, the company announced a Twitter status on September 22 to keep the community up to date with the latest happenings.

A stronger US dollar weighs on ApeCoin

Meanwhile, the US dollar has crossed the 111 threshold, making the dollar 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 fallen by 37 percent to $49.82 billion.

Another important factor affecting the price of the ApeCoin token was the rise of the US dollar. The broad US dollar hit a fresh 20-year high, extending gains after the Federal Reserve raised interest rates and struck a more hawkish tone than expected at its latest meeting.

ApeCoin Up 4%: Quick Technical View

The coin’s decline was helped by a bearish crypto market and a strengthening US dollar, both of which weaken digital currencies such as ApeCoin. ApeCoin’s current price 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 #32 in the market with a current market cap 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.

On the technical front, the APE/USD pair is likely to find immediate support near $5.38, supported by an uptrend line. The 50-day exponential moving average (EMA) is likely to support the uptrend as well. A break below the $5.38 level could open up additional room for a sell trend up to $4.93.

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


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