ApeCoin APE (Bored Ape Yacht Club Token) has rallied over the past week, with gains of up to 4.3% and trades at the $5.12 level.
- APE raises 4.3% during the past seven days
- General crypto slump has a negative impact on coins
- The US inflation is also impacting crypto prices
APE is an active bee. According to APE, APE’s recent rise in activity was prompted by developments or current projects within the network.
A few recommendations have been recently published by the Ape Foundation in accordance with the Decentralized Automatic Structure (DAO), election process. If these suggestions are accepted, there will be an alternative to a roll-out election with an election every three months.
ApeCoin’s Recent Developments Have Contributed to Its Sustained Growth
ApeCoin is doing the exact opposite. While the altcoins are struggling to break through, it’s proving very difficult for ApeCoin. The APE price is on the rise and looks bullish.
However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.
ApeCoin recently stated on Twitter that it provides an increasing stable environment to attract new members, and thus ensures consistency in the DAO’s management and transfer of knowledge to the community.
Members of the community have suggested that individuals with no existing affiliations to crypto-backed groups be represented more widely in order to avoid conflict of interest.
The Ape foundation currently includes Amy Wu (FTX Ventures), Yat SIu (Animoca Brands), Alexis Ohanian(Reddit), Maaria Bjwa (Sound Ventures) and Dean Steinback, (Horizon Labs).
Crypto Market Experiences a Downtrend
According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.
Recently, the crypto market is experiencing a downward trend with its total market cap falling below $1 trillion.
Bitcoin is the crypto king, and it traded at around $20,000 yesterday.
Crypto prices seem to be suffering from the effects of U.S. inflation. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.
ApeCoin’s current weakness in the US dollar is also a factor that hinders its gains. Since Thursday, the U.S. Dollar has been on an upward trend. It is surpassing previous highs as the U.S. Federal Reserve tries to control inflation.
The U.S. Dollar is stable at 109.84 thanks to their efforts. Further, risk-off sentiment in the market has helped U.S. dollars, increasing demand for fiat currencies, such as U.S.dollars.
Technically speaking, APE appears to have attained support in the $4.95 area. A breach below that mark may cause the coin’s capitulation further to the support zone of 4.35.
Altcoins can benefit from the upward trendline in the daily timeframe.
The flipside is that a break at $4.35 could cause a downtrend in the APE/USD currency pair, which would funnel to $3.12.
Source: TradingView.com| Source: TradingView.com Featured image taken from The VR Soldier Chart from TradingView.com