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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

ApeCoin: Will January See The End of APE’s Recovery? 

Christian Encila
Christian Encila
2 years ago
4 mins read
ApeCoin

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ApeCoin (APE) has been on the road to recovery since the last two months. According to CoinGecko, the token gained over 13% in the past month, ending the year on the spot with other gainers.

But the token has depreciated by almost 5% in the past 24 hours, and trading at $3.96. This might set a precedent to what can happen in the next few weeks. 

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NFTs, Macros And What It Means For ApeCoin

Recent events in the NFT space might have an effect on the already dwindling interest in nonfungible tokens. First, Nikhail Gopalani, COO of RTFKT, got his NFT collection phished from him. According to publicly available information, the total stolen was $173,000. 

The next hack happened on January 4, when CryptoNovo lost over $618,000 worth of NFTs. This along with dwindling interest in NFTs will certainly have an effect on APE’s price. But with the token being part of the Bored Ape Yacht Club ecosystem, the effect might be dampened. 

Lately, however, the token has been highly correlated with Ethereum which would determine where ApeCoin will go. Although ETH has appreciated in the past few days leading up to the Federal Open Market Committee (FOMC) Meeting Minutes, the U.S. Federal Reserve’s continued hawkish stance would make the broader financial system slip and tumble as fears of an oncoming recession grows.

Any negative market movement would lead to pain in the crypto market, dragging ApeCoin down. This would also lead to capital flight, meaning that cash would exit the cryptocurrency market and enter safe-haven assets like gold or government bonds.

Crypto total market cap at $775 billion on the daily chart | Chart: TradingView.com

Bears And Bulls In Constant Tussle

As the days go by, APE investors and traders should be able to breach the $4.19 resistance as a break through this level would give the bulls momentum for higher highs. However, with major headwinds and fear, uncertainty and doubt blocking the path of APE, this resistance might prove difficult to break. 

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Image: Binance Academy

Short-term, APE holders might see gains as the bulls remain on the market. But with that said, investors and traders should watch the release of the Consumer Price Index (CPI) data next week. This indicator would provide a clear picture on whether the U.S. central bank would increase interest rates further. 

Any increase in interest rate would lead to the stocks and other riskier assets to drop, pushing APE towards the $3.422 support range. 

Image: CoinCodex

Investors and traders should be monitoring the release of the CPI data and how the broader financial market reacts to it. Any major long or short decisions should be made after these indicators are observed. 

Meanwhile, the current ApeCoin price prediction made by CoinCodex suggests that the value of ApeCoin will increase by 7.90% and reach $4.28 by January 11 of this year.

-Featured image: New Scientist

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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