Here’s Where ApeCoin’s Price Could Go After the Recent 55% Rally

Key Insights:

• ApeCoin’s has broken out of the four-day downtrend making a new local high of $17.4
• The recent rally was fueled by high social volumes.
• If the rally plays out well, decent short-term gains could be expected. 

Tokens rallying based on rumors or advances in their ecosystem is a relatively common phenomenon in the crypto space. One such coin that recently rallied upon release and then did another similar stunt is Bored Ape Yacht Club’s (BAYC) ApeCoin (APE).

ApeCoin’s Massive Recovery

APE’s price exploded to a near all-time high based on speculation that it could become a de facto payout token in an upcoming metaverse land sale.

A rumor circulating across crypto Twitter claimed that the owners of the BAYC and Mutant Ape Yacht Club (MAYC) NFTs might receive virtual lands on the Yuga Labs’ rather anticipated ‘Otherside’ metaverse platform.

APE’s price rallied by close to 28% in just one day to reach over $17.4 on April 20 as the coin trended on social media. Yuga Labs’ Otherside will be an MMORPG game where players can have their own NFTs as native avatars or characters.

It has been reported that Yuga Labs expect to earn $178 million by selling virtual lands, wherein APE could act as the de-facto token to process in-game purchases, among other things.

While many still deem the news a ‘rumor’ it worked out in favor of APE token’s price.

APE’s Over 55% Gains

ApeCoin’s price has presented significant bullish signals that forecast a bright future for the coin. Furthermore, with BTC back above $41K, the chances of an extended rally for APE look decent.

APE’s price had been on a downtrend since its peak at $17.46 was set on March 18, soon after its release. While attempts to set a new high were made in March, APE only reached $15.5 and has been on a larger downtrend ever since.

After APE tested the $15.5 mark, bears took control, and its price sunk by roughly 31%. In mid-April, too, APE’s attempts for making a higher high failed due to the more significant market conditions turning more towards the bearish side.

APE finally got the much-anticipated price push on April 19, after rumors about the token becoming the de-facto payment token in ‘Otherside’ circulated.

Notable, ApeCoin’s price rallied by almost 30% in 24-hours and traded at $16.05 at press time. Interestingly, APE’s Relative Strength Index (RSI) on a daily saw higher highs and reached the oversold zone.

With buyers pushing APE’s price, as the coin still made higher price highs, a short-term rally based on strong social volumes could be in store for the token.