ApeCoin started the new week with a rally after the tentative opening of Yuga Labs’ Otherside metaverse. As a result, the price broke through a technical pattern that could theoretically lift ApeCoin another 45%.
Otherside metaverse craziness
The ApeCoin price went up 23.5 percent on the first two days of the week already. Meanwhile, ApeCoin is trading slightly below its peak of July 18 again. However, measured from the mid-June bottom, ApeCoin is almost at a plus of 100 percent.
ApeCoin jumped up this week after the first 4,300 players received an invitation to Otherside. They were able to get started with an initial demo and were given a tour of part of the virtual world.
Exactly on the day of the demo, the ApeCoin price went through the roof. It therefore seems unlikely that the ApeCoin price rally has happened for any other reason than the opening of the Otherside metaverse.
ApeCoin rally of 45 percent imminent?
The craziness surrounding the Otherside metaverse has also caused ApeCoin to break out through the top of a rising triangle. In general, these patterns are seen in technical analysis as so-called continuation patterns. However, in some rare cases, they represent the end of a downtrend and lead to a sharp reversal of the price.
It appears that the rising triangle for ApeCoin signals the end of a downtrend. That’s because compared to June 15, the token has grabbed a price gain of about 100 percent. Followed by a breakout upwards from the triangle at a price of 5.09 euros.
It is a rule of technical analysis that a breakout upwards from a rising triangle, means that the price rises as much as the maximum height between the upper and lower lines of the triangle. In this case, that would take ApeCoin to a price of $8.40 (8.14 euros). An increase of about 45 percent from the current price level.
Not just good performance ApeCoin
Besides ApeCoin, many other projects within the industry are finally doing well again at the moment. After a long red period, there is finally some green to celebrate again. The total crypto market cap has also risen above the psychological barrier of $1 trillion (970 billion euros) again. Ethereum is the biggest party animal. Vitalik Buterin’s project has been able to register a plus of 42.87 percent in the past seven days.
Ethereum is currently trading at 1,508.28 euros and has caught up with bitcoin. The latter has “only” gained 10.45 percent in seven days. Other notable winners are Polygon and Solana, which have gained 60.08 percent and 32.01 percent in the last seven days. It should be added that both projects have a much lower market cap than Ethereum.
Ethereum has a market cap of 183 billion euros, while the other two are at 15 and 7 billion euros. In that sense, it is difficult to compare them. After all, a small influx of capital in these projects has much more impact on the price than in an Ethereum.