ApeCoin has surged nearly 36% over the past three days.
The spike in volatility coincides with the first demo release of Otherside.
Further upward pressure could help APE hit $7.50.
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ApeCoin has enjoyed a significant spike in buying pressure that coincides with the demo release of Yuga Labs’ Metaverse world, Otherside.
ApeCoin Gains Bullish Momentum
ApeCoin appears to be breaking out after Yuga Labs dropped a demo for its highly-anticipated Otherside Metaverse.
The Bored Ape Yacht Club creator shared a demo version of Otherside over the weekend, inviting thousands of the game’s NFT holders to take a first look at its Metaverse. The demo release was one of the “First Trips” allowing owners of the game’s virtual land plots, dubbed Otherdeeds, to participate in the game.
Yuga released a litepaper shortly after dropping the Otherside demo, giving some early hints of how the project will progress. The first development phase includes a storyline game mode “surrounding a mysterious Obelisk that has appeared in the Otherside universe.” The second and third phases have yet to be released, but players will play a vital role in shaping the “core capabilities of the platform.”
“In order to plant the seeds for a successful community, we are starting development on Otherside with Voyagers, who are our first adopters and believers. They are a crucial part of Otherside’s history and are invited to join the Voyager’s Journey,” the litepaper reads.
ApeCoin plays a vital role in Otherside as it is the game’s official currency. When Yuga sold off Otherdeeds NFTs in what turned into a calamitous auction that clogged Ethereum in April, interested buyers were required to use APE to pay for their virtual land plots.
Now, ApeCoin has seen its price surge by nearly 36% since the demo was dropped Saturday. APE rallied from a low of $4.60 to hit a high of $6.30 early Monday. Further buying pressure around the current price level could result in more significant gains as the broader cryptocurrency market enjoys new tailwinds.
APE/USD 12-hour chart (Source: TradingView)
ApeCoin appears to have broken out of an ascending triangle that had developed on its 12-hour chart. This technical formation anticipates a 42% upswing toward $7.50 as long as prices remain above $5.30.
Failing to hold above $5.30 could lead to a spike in profit taking. That could mean ApeCoin drops to $4.30, potentially invalidating the optimistic outlook.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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