APE price climbs 55% in three days as a ‘BAYC land drop’ rumor goes viral

ApeCoin (APE) worth has exploded larger on anticipations that it will turn into a de-facto cost token in an upcoming metaverse land sale.

APE worth swelled practically 28% in at some point to achieve over $17 per token on April 20. The rally got here as part of a rebound from three-day lows beneath $11, leading to a 55% acquire.

APE/USD four-hour worth chart. Supply: TradingView

BAYC land airdrop

A rumor circulating throughout social media platforms since April 18 urged that the homeowners of the Bored Ape Yacht Membership (BAYC) and Mutant Ape Yacht Membership (MAYC) NFTs could obtain digital lands on the Yuga Labs’ much-anticipated “Otherside” metaverse platform.

Otherside can be an MMORPG sport the place gamers can make use of their NFTs as native avatars or characters. A leaker investor pitch deck confirmed that Yuga Labs expects to earn $178 million by promoting digital lands, with APE appearing because the de-facto token to course of these purchases. 

Some BAYC NFT homeowners claimed that Yuga Labs would promote the Otherside digital lands by way of a Dutch public sale. In doing so, the agency might set the minimal bid at 600 APE, about $10,700 at right this moment’s worth.

Given this potential use-case, demand for ApeCoin could develop larger, which might partially clarify APE’s upside momentum within the final three days.

APE present process bullish breakout

The newest bout of shopping for within the APE spot market noticed the APE/USD pair get away of a basic bullish continuation sample.

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As Cointelegraph reported earlier, breaking above the so-called “bull pennant” with decisive volumes might have ApeCoin rally above $40 within the subsequent few months.

In the meantime, if the technical sample seems to be a “symmetrical triangle” as an alternative, APE’s upside goal can be close to $22, in line with the setup proven under.

APE/USD day by day worth chart. Supply: TradingView

ApeCoin now targets the 0.236 Fib line (~$16) of the Fibonacci retracement graph, drawn from $41-swing excessive to $8.50-swing low, as its interim resistance. A pullback from the mentioned worth ceiling would threat sending APE towards the triangle’s prime close to $12.50.

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