ApeCoin saw its price plunging towards sub-$16 as it reacted to Otherdeed NFT sales. A hike past $17 is essential for APE to rally towards the $20 mark.
- Sunday sessions saw APE losing 21.5%, ending the day near $15.68.
- Otherside sold Otherdeed NFTs for flat prices, quitting a Dutch auction, reducing ApeCoin demand.
- A second decline within three sessions saw APE beneath the 100-day Exponential Moving Average as indicators went bearish.
ApeCoin’s price declined by 21.5% yesterday, Sunday. The token reversed Saturday’s 4.28% surge, ending the day near the $15.68 value area. Broad market bullishness could not support the crypto as ApeCoin investors reacted to the Otherdeed NFTs auction.
APE touched its $27.62 ATH on 28 April as it awaited the Otherside land sale Dutch auction. Meanwhile, APE ranks 29th on Coinmarketcap despite the plummet, staying above Decentraland and Sandbox, which ranked 38th and 40th, respectively.
Otherside’s Otherdeed NFTs Sale Crashes ApeCoin
The platform behind BAYC (Bored Ape Yacht Club), Yuga Labs, conducted the Otherside NFT sale on Saturday. The 55,000 Otherdeed land sale ended in hours, with enthusiasts buying and paying 305 APE to purchase the non-fungible tokens.
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Otherdeed for Otherside ranks #1 on the OpenSea market as far as the trading volume within the previous day and week is concerned.
Though the sale witnessed a resounding success, ApeCoin holders anticipated a Dutch auction. The Dutch auction could have propelled Otherdeed NFTs price well past the 305 APE flat selling price. The lower price outcomes saw ApeCoin holders offloading APE, triggering price reversals.
Otherdeed NFTs represented land portions in Otherside, the metaverse game by Yuga Labs. Meanwhile, expectations and speculations that APE would be the payment currency for land sales by Otherside saw APE hiking towards the $27 mark.
Renegademaster, the Bored Ape owner, tweeted about Yuga Labs preparing to sell land parcels on the Otherside platform. He stated that it would be a Dutch auction with 600 $APE as the starting price. He added that the report was not official, though from a dependable source. Renegademaster advised market players to research more about the news.
Dutch auction has sellers considering all bids when determining the NFT sale ceiling price. There are then gradual price drops at predetermined intervals. However, Market players expected the 600 APE price ceiling, double the 305 APE flat selling price. Moreover, the sale witnessed controversy as massive demand caused failed transactions and the Etherscan crash.
ApeCoin Price Action
While publishing this post, APE traded at $15.91, gaining 1.91% within the past 24 hours. Bullishness early on the day saw the alt recording the $16.14 high before easing down. That comes as the crypto market contemplates recoveries. The overall market capitalization witnessed an over 2% 24hr surge to explore the $1.74 trillion mark.
The altcoin should keep the pivot area near $17.22 away to trigger moves towards the initial crucial resistance zone at $18.80. Broad market sentiment remains critical to back the action beyond the $17.50 hurdle.
If the coming sessions trigger extended upswings, ApeCoin might see its price exploring the second resistance zone at $21.94. Further upswings will see the BAYC’s token hitting the third resistance floor at the $26.65 mark before touching the ATH levels.
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On the other hand, failure to overcome the pivot level would mean dropping to the first support floor at $14.08. Excluding another continued plummet today, the alt should keep sub-$13 levels away. Meanwhile, APE’s second foothold stands at the $12.49 value area.
The Exponential Moving Averages and the 4hr candle chart presented bearish signals. Sell-offs over the past week left APE beneath the 100-day Exponential Moving Average, currently around $17.12. Monday morning saw the 50-dayEMA narrowing to the 100-day Exponential Moving Average. Also, the 100-dayEMA narrowed to the 200-dayEMA, translating to a negative APE price.
ApeCoin should avoid the 50-day Exponential Moving Average and overcome the 100-dayEMA to support a $20 return.
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