Last Updated: 20 July 2022
ApeCoin started the new week with a rally after the cautious 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 craze
The ApeCoin price rose by 23.5 percent on the first two days of the week. ApeCoin is now trading slightly below its peak of 18 July. However, measured from the bottom in mid-June, ApeCoin is almost at a 100 percent plus. At the time of writing, one ApeCoin costs 5.73 euros. This gives the Yuga Labs project a market cap of 5.73 billion euros.
Today's @OthersideMeta First Trip was truly a wild experience! Jumping through the swamp portal legit gave me chills and it was insane to see 4500 voyagers running around a large, immersive space. pic.twitter.com/Nl5luxaZl3
— illuminary.eth (@illuminaryETH) July 16, 2022
ApeCoin jumped up this week after the first 4,300 players received an invitation to Otherside. They were able to play the first demo and given a tour of part of the virtual world. On the very day of the demo, the ApeCoin price went through the roof. It, therefore, seems unlikely that the ApeCoin price rally has any other reason than the opening of the Otherside metaverse.
ApeCoin rally of 45 per cent coming up?
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 the so-called continuation patterns. However, in some rare cases, they mark the end of a downward trend and lead to a sharp price reversal.
It seems that the ascending triangle for ApeCoin signals the end of a downtrend. This is because the token has gained around 100 percent since 15 June. This was followed by an upward breakout from the triangle at 5.09 euros.
It is a rule of technical analysis that an upward breakout from an ascending triangle means that the price rises by 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 around 45 percent from the current price level.
Not only good performance from ApeCoin
In addition to ApeCoin, many other projects in the industry are finally doing well again. After a long period of red, there is finally something green to celebrate. The total crypto market cap has also exceeded the psychological barrier of 1 trillion dollars (970 billion euros) again. Ethereum is the biggest party animal. Vitalik Buterin’s project has gained 42.87% in the last seven days.
Ethereum is trading at 1,508.28 euros currently and has caught up significantly 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 and 32.01 percent in the last seven days. It must 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 hard to compare them. After all, a small inflow of capital in these projects has much more influence on the price than in the case of Ethereum.