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- APE is currently flowing strongly into staking due to high APR of 150% in APE pool
- Technical indicators of APE suggests a consolidated trend in price. APE/BTC pair is up by more than 4.77%
ApeCoin is a ERC 20 governance token which is used within the APE eco system and powers the community. APE is currently flowing into staking due to its very high APY. There are currently 27919108 APE in the APE pool which has an APR of 150% as per the data provided by Dune Analytics. The APR of BAYC and MAYC pool are higher than the current one. There is a large amount of Ape being moved in the pool due to high APR but it is a large possibility that APE staking reward will be released back to the market due to high APY.Meanwhile ApeCoin DAO which governs the community is set to cut ties with firm handling the administration.
APE is currently ranked 30th in the cryptoverse and has a strong dominance in NFT space. Volume of the APE has seen a decline of over 2% in the intraday session. Volume to market cap ratio of ApeCoin suggests a downside trend in price
Is APE Crypto Price Ready For A New High?
APE coin price has been seeing a volatile moment from past few weeks. On coming to the weekly chart the asset price has seen a fall from $4.07. On coming to the daily chart the asset price is trading near the value of $3.626 and has seen a gain of 3% in the intraday session. The upside momentum of APE can see a halt near $4.5. Meanwhile a bounceback can be seen near $2.2. It is trading below the 50 and 100 DMA but can see a positive crossover in the future. This can push the asset price to a new high.
Conclusion
APE has seen a huge inflow of staking due to its high APR. Apecoin rewards can come in the market and slump the price. APE crypto price is currently in a consolidated trend and can see a new high in future.
Technical Levels
Major Resistance:$4.5
Major Support: $2.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
