Otherside hype prevents ApeCoin price from breaking down.
) rallied to start the week as traders considered Yuga Labs' decision to open its Otherside metaverse for selected users. In doing so, the token broke out of a technical pattern that hints at another 45% price rally by September 2022.APE's price surged by almost 23.5% week-to-date to reach $6.12 a token on July 19.4,300 players of its Otherside gaming metaverse for a demo—and the tour of its Bored Ape avatar online platform—on the day of APE's rally.
, given it serves as a governance token at ApeCoin DAO. This"decentralized autonomous organization," or DAO, powers the ecosystem of apps and services deployed by Yuga Labs and third-party brands, including Otherside.The Otherside euphoria has also prompted APE to exit a technical setup called the"Ascending triangles are typically considered continuation patterns.
Conversely, a close below the triangle's upper trendline could trigger the prevailing bearish breakdown setup, with the profit target sitting below $3.50. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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