As the altcoin market continues to slide south, ApeCoin ($APE) is no exception, with APE holders suffering a drop of -67% since January – but a minor rally is offering a glimmer of hope.
It appears that ApeCoin is climbing out of the trough of despair as a rally of +10% this week has breathed much needed life into months of broad price action.
ApeCoin Price Analysis: Is It Too Late To Buy APE?
After a push-up, Apecoin is now trading at a current price of $2.12 (24h change of -0.05%) as the price action turned into a marginal retracement.
With price action appearing to be forming a double-bottom pattern of technical support, the +10% move from Friday the 14th is igniting a wave of euphoria among long-suffering holders.
And even better, in a dramatic move, Apecoin has been seen retracing strong support above the low 20DMA – indicating a potential base for a recovery rally could now be on the cards.
The bounce has begun due to lower trendline support, attention now shifts to the 200DMA – which remains above price action around $4.00.
However, consolidation may be needed at this level as APE’s RSI heated up on the latest move – rising to lose bullish divergence at 50.71.
Despite the overheating RSI, the MACD indicator is giving more reason to cheer, indicating a bullish divergence at 0.038.
Consequential Risk:Reward structure is attractive, with upside targets at higher price levels around $3.35 (+57%) and downside risk as low as $1.80 (-14.8%).
This leaves ApeCoin with a risk:reward ratio of 3.85 – suggesting a good entry – which is certainly not too late to enter.
More Reliable Profits: BTC20
Have you ever wondered what it would be like to own all the bitcoins? Sitting on the sidelines watching BTC reach another all-time high, wondering how much you could have made if you had been around in the early days?
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Indeed, for several years now bitcoin’s proof-of-work model has come under widespread criticism due to its extremely high energy consumption – often powered by dirty power-grids at coal-fired power stations.
This has been a major issue for bitcoin globally, given that Beijing has banned bitcoin mining, in 2021 it was reported that the bitcoin network was responsible for 113 metric tons of carbon emissions.
A phenomenal increase from just 0.9 MT in 2016, this problem is set to get worse as halving events and increased difficulty rates take their toll on miners in the future.
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But it is much more than a permanent solution to bitcoin’s dirty energy problem, BTC20 becomes an opportunity to re-imagine the way bitcoin holders can benefit.
Rewards at stake for bitcoin via BTC20
Holder benefits will be delivered through an innovative stake-to-earnings mechanism, set to launch in the fourth quarter of this year, offering the promise of double-down rewards for those committed to holding, with rewards issued in proportion to stake volume.
The staking mechanism will attempt to distribute a large pool of locked tokens (at least 14.95 million unsold in the presale) in successive token release sets to match the bitcoin network.
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At an attractive pre-sale price of just $1 per BTC20 token, interest is rising as bitcoiners race to secure a piece of the 3 million tokens in the pre-sale.
Imagine the potential growth, if BTC20 gained even 10% of bitcoin’s market cap (10% = $58bn today) BTC20 would be worth $2,790 – a 278,900% increase.
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BTC20 has already gained traction with prominent crypto analysts such as Jacob Bury, which is evidenced by the skyrocketing interest surrounding the launch of the BTC20 presale.
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Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.