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ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?

ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level.

APE shows energy, rallies 4.3% in the past seven days
Coin impacted by general crypto slump
US inflation also weighing down on crypto price

APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.

The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months.

ApeCoin Recent Developments Contributed To Its Surge

With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish.

However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.

ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community.

Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests.

Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).

Crypto Market Experiencing Downtrend

According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.

The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours.

Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday.

U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.

Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation.

Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar.

Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35. 

On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins.

On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12.

APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com

Featured image from The VR Soldier, chart from TradingView.com

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Crypto

Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
NEAR price trades in a range as the price looks set for a retest of key support areas.
The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart
Weekly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image From zipmex, Charts From Tradingview

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Crypto

Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC

The Bitcoin Lightning Network has marked another tremendous milestone. The total public capacity had surpassed more than 5,000 BTC for the first time in history, continuing along with the growing trend of 2022. This new milestone pushes further the capability and promise of the Bitcoin Lightning network. Just like always, there was a reason behind the big push.

Bitcoin Development Ramping Up

The continuous development of the bitcoin network has been a big part of why the digital asset remains so valuable today. Being the largest decentralized network in the space, there are always developers looking for new ways to leverage the offerings of the bitcoin network and push it further into the mainstream.

Lightning Labs is a development firm that continues to focus heavily on bitcoin development and was behind the new all-time high Lightning network capacity. The developer had expanded the channel capacity of River Financial and Loop, allowing for the network to be able to accommodate even more BTC. It also follows the introduction of the new Taro Protocol, whose code was posted for public dissection last week as Lightning Labs continue to expand the capabilities of the bitcoin network.

Lightning network reaches new milestone | Source: Arcane Research

The Bitcoin Lightning network is also becoming increasingly popular among BTC users. MicroStrategy, which holds a large investment position in BTC, made the news when it posted a job offer seeking a full-time lightning network engineer. Apparently, the firm is looking to build a Lightning network-based SaaS platform for e-commerce and enterprise use cases.

Taro Protocol, mentioned above, is working towards making it possible for developers to mint, send, and receive new tokens on the bitcoin blockchain. Take the Ethereum ERC tokens as an example. It will also expand the possibilities of NFTs on the bitcoin blockchain, as well as allow for the creation of stablecoins that are based on the bitcoin blockchain. 

BTC price settles above $20,000 | Source: BTCUSD on TradingView.com

The Lightning Network is also increasingly featured in crypto payments services due to its speed. El Salvador had adopted the Lightning network to make it easier to pay with BTC in the country, and digital payment provider Strike raised $80 million in September to expand its Lightning network-based payment solutions for merchants.

Layer 2 solutions like the Lightning Network are also expected to be more important to the bitcoin network going forward. Cardano founder Charles Hoskison recently revealed that he expects the majority of BTC will likely exist outside the bitcoin network in the next five years and be wrapped in these Layer 2 solutions.

Featured image from Coindesk, charts from Arcane Research and TradingView.com

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Crypto

GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement. 
GMX is one of the arbitrum favorites listed on the Binance innovation trading interface. 
The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.  

GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance)

GMX Token (GMX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high.

After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high.

The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX.

Weekly resistance for the price of GMX – $60.

Weekly support for the price of GMX – $37.

Price Analysis Of GMX On The Daily (1D) Chart
Daily GMX Price Chart | Source: GMXUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region. 

The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of GMX – $60.

Daily support for the price of GMX – $37.

Featured Image From zipmex, Charts From Tradingview

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