APE in or not? ApeCoin price eyes $5 with new staking feature.
The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer
. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.
event. For instance, Altcoin Sherpa says that one shouldn't buy APE in anticipation of a continuous bull-run toward $5 after the staking launch."You can probably long until staking starts, and then you can just short it [...] I wouldn't buy here personally but would wait for a break/retest."Technicals meanwhile suggest that ApeCoin's price can decline by at least 30% by the end of December.
The daily chart shows APE's price entering a correction upon testing its multi-month descending trendline resistance near $4.50. This move is reminiscent of price pullbacks witnessed multiple times since August, as shown below.Each correction cycle highlighted in the chart above exhausts when APE reaches the lower end of the Bollinger Band. The $2.80-2.50 range comes into play if this fractal repeats, down up to 30% from current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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