APE rises by 10% to become metaverse-preferred token
The broader cryptocurrency market continues to recover, with the price rising by nearly 1% in the last 24 hours and perhaps reaching $1.8 trillion.
Bitcoin has been on a tear today, gaining more than 2% thus far. It might exceed the $40k psychological barrier if the market rally continues. Ether’s price has remained steady at around $2,800 in recent days, despite modest gains of less than 1%.
Meanwhile, APE, the native token of the APE network, has seen particularly strong growth in recent days. The altcoin has been one of the biggest gainers on the market, with its price rising by nearly 10% over the past day.
Analysts attribute APE’s rise to several factors, including increased interest from investors and growing mainstream adoption of cryptocurrencies.
APE is one of the more dependable altcoins, offering enhanced privacy and security features that are proving to be attractive to many users.
Due to this outstanding showing, APE surpasses all rivals to become the most valued metaverse-preferred coin on the market. APE surpasses SAND and MANA, the native tokens of Decentraland and The Sandbox ecosystems, respectively.
Critical levels to note
The APE/USD 4-hour chart is presently bullish, as the currency’s rally continues. At the moment, according to technical indicators, APE is outperforming the other major cryptocurrencies.
APE is currently trading at $20.12 per token, down roughly -180% from its all-time high of $300.22 set in early February 2018. The MACD line is well above the neutral zone, implying a positive trend.
The 48-day relative strength index of APE indicates that it has emerged from the oversold.
The coin could rise to the first crucial resistance level at $22 by the end of the day if the positive performance persists. The altcoin needs wider market support to target the $25 psychological level over the next few days.
More on APE
The APE token is the native currency of the APEX Network, a decentralized data exchange platform; that allows users to share and monetize their data. APEX has partnerships with some of the world’s largest companies, including IBM, Huawei, and Deloitte.
The altcoin has shown impressive resilience in recent months, surviving a major sell-off that affected the entire crypto market in early September.
With its recent price surge, APE is quickly gaining traction among investors and traders. Many believe that APE’s growth is due to several key factors, including its unique features, stability, and growing user base.
Some analysts also point to APE’s potential for further growth. As more people continue to flock to the metaverse and seek out APE-based assets and services.
Analysts believe that APE’s recent gains are largely due to, the growing demand for altcoins and cryptocurrencies in the rapidly expanding metaverse industry.
APE is currently ranked 35th on CoinMarketCap with market capitalization currently standing at nearly $500 million.
The APE token is currently ranked as the 29th largest cryptocurrency by market capitalization, with a total value of $1.3 billion. The altcoin experiences a surge in interest and trading volume over the past few months as the metaverse industry continues to grow.
While APE is currently the preferred metaverse-related crypto of many investors. It remains to be seen whether its price gains can be sustained in the long term.
However, with continued growth in both adoption and awareness of cryptocurrencies as a whole. APE could very well maintain its position as the top choice for metaverse enthusiasts.
It will be nice to know what you think!