Market

Will ApeCoin (APE) Price Drop Below $1?

Published

5 hours ago

October 24, 2024

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ApeCoin (APE) price is down roughly 15% in the last 24 hours after rising more than 100% between October 19 and October 21. The MVRV suggests that many holders are still in a position of unrealized losses, indicating weak market sentiment.

The RSI also shows a shift from overbought conditions, implying that bullish momentum may have diminished. Despite some signs of support, key levels and trend indicators suggest that the current correction might not be over yet.

APE MVRV Shows an Important Signal

The APE 7D MVRV is currently at -11.85 %, which indicates that, on average, holders of APE tokens have experienced unrealized losses of 11.85% over the past week. MVRV (Market Value to Realized Value) is a metric used to assess token holders’ average profit or loss.

The 7D MVRV specifically looks at the profit or loss of investors who acquired their tokens within the last seven days. Negative values, like -11.85%, suggest that the majority of recent buyers are underwater, meaning they bought APE at higher prices than it is currently trading at.

Despite the current negative 7D MVRV reading, historical data from the past six months suggests that APE tends to make strong rebounds whenever the MVRV reaches the -13% level. This implies that there is often significant buying interest around such deeply negative MVRV levels, leading to a price reversal.

However, since the current MVRV value has not yet reached that historical rebound threshold, the ongoing correction may not be over, and further downside movement is possible before any significant recovery.

ApeCoin RSI Is Now Neutral After a Huge Surge

The APE RSI is currently at 45.68, having dropped from over 90 just a few days ago following a rapid 100% price surge in just two days. That happened after the announcement of ApeChain, Yuga Labs own blockchain. The RSI (Relative Strength Index) is a momentum indicator used to gauge whether an asset is overbought or oversold.

RSI values range from 0 to 100, with levels above 70 typically indicating an overbought condition—suggesting the asset may be due for a correction. On the other hand, values below 30 indicate an oversold condition, implying potential buying opportunities.

With the current RSI level at 45.68, APE is neither overbought nor oversold, suggesting a neutral momentum after its recent pump. This level indicates that the token is still in a corrective phase, with the potential for more downside movement before reaching oversold territory.

Since it has not yet dropped below the 30 mark, which would signal oversold conditions, the ongoing correction could continue further before any significant reversal occurs.

APE Price Prediction: Will It Go Below $1?

The EMA lines on the APE chart suggest a rapid change in momentum following the recent price pump. The shorter-term EMAs have sharply risen above the longer-term EMAs, indicating that bullish momentum was strong during the rapid surge.

However, with prices now pulling back to around $1.20, the narrowing gap between these EMAs suggests that the bullish momentum might be fading. The proximity of the EMAs also points towards potential consolidation or a lack of clear direction moving forward.

APE EMA Lines and Support and Resistance. Source: TradingView.

Regarding support and resistance, APE has several key levels to watch. Resistance levels are at $1.34, $1.47, and $1.82, the biggest price for ApeCoin since April. On the downside, support is marked at $1.12, $0.94, and $0.78.

If APE fails to hold the $1.12 support, further downside correction toward $0.94 or even $0.78 is possible. Conversely, if the uptrend appears again, APE price could test the $1.34 resistance and even try $1.47 after that.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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5 Crypto Airdrop Opportunities Backed by Major Venture Capitalists

Published

46 mins ago

October 24, 2024

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As crypto markets remain broadly bullish, several airdrops provide exciting opportunities to earn tokens without any initial capital.

Airdrop farmers looking for top campaigns with tier-one investor backing have a long list to select from.

Five Airdrops With Tier-1 Backing

Discover the top 5 potential airdrops and learn which venture capitalists are backing them.

Story Protocol

The project forayed into Web3 to tokenize and share Real-World Assets (RWAs) considered intellectual property (IP). This creates a way for owners to generate profit and share revenue.

Although the status of the airdrop remains unconfirmed, Story Protocol has garnered up to $134 million in venture capitalist (VC) funding. Participants in the three-round fundraiser include Andreessen Horowitz, Polychain Capital, Hashed Fund, Mirana Ventures, and Balaji Srinivasan, a former Coinbase executive.

Activities for airdrop participation include completing specified testnet tasks and minting the Iliad launch IP asset on the Story Iliad testnet page. Users who interact with the testnet may receive an airdrop if their token goes live.

Read more: What are Crypto Airdrops?

Praxis Society

Advertising as a network state, Praxis Society is a potential airdrop, with up to $544 million in funds raised. Renowned VCs like Paradigm, Winklevoss Capital, Gem Digital, and Apollo Projects, among others, participated in the fundraiser.

“Praxis Society just closed another second round for a total of $525 million, bringing their total to $544.2 million,” one airdrop farmer confirmed.

The airdrop project currently has a form that interested participants can fill out to apply for the Citizenship role. Quality completion increases the chances of getting Citizenship. Participants who complete the tasks may qualify for potential Praxis Society airdrops and rewards.

Azra Games

Azra Games confirmed its airdrop after raising $67.70 million in funding rounds co-led by Pantera Capital and Andreessen Horowitz. Other major backers include Coinbase and Franklin Templeton Investments. It is a blockchain-based video game developer, with the funding intended to support and drive what Azra is describing as the “4th generation of mobile RPGs”.

There is a list of activities to do in the project for a potential airdrop, including joining the waitlist and the Discord. Participants must also link their wallets and perform quests to get points.

The project is at an early stage of development, which means being active positions participants to become early birds.

Vana Network

Vana is a potential airdrop with up to $25 million in funds raised. Coinbase Ventures, Polychain Capital, and Paradigm co-led the tier-one funding as Vana Network looks to transform the AI and data ownership spaces.

The project launched the Data Hero Bot on Telegram, allowing data pioneers to complete challenges and pre-mine VANA points. These will be converted into VANA tokens post-TGE (token generation event).

Beyond that, other activities that make participants eligible for the airdrop include submitting data to relevant DataDAOs for increased rewards. Referrals earn bonus points, and valuable conversions send participants higher in the leaderboard. Installing a Vana Node on the test network also earns extra rewards.

CCP Games

CCP Games is one of the top airdrops with major VC backing. It has raised $40 million, led by Andreessen Horowitz, and other participants include Hashed Fund, Makers Fund, Nexon, Bitkraft Ventures, and Kingsway Capital.

The project confirmed its airdrop with the ongoing Phase 4 of the EVE Frontier closed test. According to Airdrop Adventure, which researches airdrops, it could happen by the end of the year or shortly after.

Read more: Best Upcoming Airdrops in 2024

According to the project’s official FAQ, an EVE Token will be minted on Ethereum. It is a utility token that can be exchanged for external value. There is also a LUX Token, which is used for in-game transactions. To participate in the airdrop, users must engage in specific social tasks and invite friends.

Airdrop farmers may consider engaging with these projects to increase their chances of receiving valuable tokens. However, there are always security risks and uncertainties when users interact with new crypto projects. Hence, users should take their decisions with proper risk management.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Can BNB Coin Price Rally to $730 Soon?

Published

2 hours ago

October 24, 2024

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Binance Coin (BNB) may be on the verge of following a similar trend to Solana’s (SOL) price despite having a larger market cap than the latter. This forecast is based on the signs displayed by several technical indicators.

Currently, BNB’s coin price is $590, representing an 87% increase year-to-date. However, this value also indicates that cryptocurrency is down 18% from its all-time high. Here is why BNB could soon begin a run that takes it notably above the peak it reached in July.

Binance Coin Wants to Mirror Solana’s Movement

While BNB traded sideways, Solana’s value jumped nearly 5% within the last 24 hours. This price action makes SOL the best-performing asset out of the top 10 as it decoupled from the broader market.

According to BeInCrypto’s findings, SOL’s price movement took place during a period of broader market pessimism, suggesting that the altcoin defied crowd expectations.

Interestingly, BNB’s price seems to be facing a similar situation. According to Santiment’s data, Binance Coin’s Weighted Sentiment has dipped into negative territory, indicating that the majority of discussions surrounding the coin are currently pessimistic.

BNB sentiment bearish — Binance Coin Weighted Sentiment. Source: Santiment

Meanwhile, the Chaikin Money Flow (CMF) on the BNB/USD daily chart has increased. This indicator helps to monitor capital flow into a cryptocurrency and evaluates the strength of a trend.

When the CMF rises, there is a good level of accumulation, and the price can move upwards. A decline, on the other hand, indicates distribution, suggesting that the trend could be weak at this point. However, since it is the former, it means that BNB’s coin price is likely to climb higher than $600 in the coming days.

BNB buying pressure rises — Binance Coin CMF. Source: TradingView

BNB Price Prediction: Target on $730

A further look at the BNB coin technical setup shows that the coin has formed an ascending triangle. An ascending triangle pattern is a bullish continuation pattern that forms after a prolonged uptrend.

It is characterized by price movements, with a horizontal line drawn along the swing highs and a rising trendline formed by the swing lows. This setup signals that buyers are gaining strength and typically precedes a breakout to the upside.

As seen below, BNB’s coin price has sustained this pattern, suggesting that it could be challenging for the coin to experience a correction. Notably, the cryptocurrency has to break above the 61.8% Fibonacci level, which has historically proven to be a significant resistance. Currently, that resistance is around $602.

BNB price analysis — Binance Coin Daily Price Analysis. Source: TradingView

Should bulls maintain the buying pressure, then BNB’s value could rise by 25% and hit $730. On the other hand, if the coin gets rejected again at $602, this prediction might not come to pass. Instead, the price might drop to $564.

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This Is Why Cat Season Is Overtaking Altcoin Season

Published

3 hours ago

October 24, 2024

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The wait for the altcoin season continues. However, the cat-themed meme coins are taking center stage.

These feline-inspired tokens are outperforming major altcoins and are also setting new all-time highs, signaling the onset of a “Cat Season” in the crypto market, as noted by popular analyst Bluntz.

“catszn is truly underway” said Bluntz

Popcat Hits a New ATH

POPCAT, a Solana-based meme coin, hit a new all-time high today, reaching $1.67 after consistent gains throughout October. This marks the third ATH for the meme coin this month, solidifying its strong upward momentum. The coin’s continued rise has captured the attention of investors, boosting confidence in its short-term growth potential.

Many investors are optimistic that POPCAT could surpass $2.00, provided holders remain resilient and avoid taking profits too early. A continued rally will require sustained confidence in the coin, as profit-taking could undermine its upward trend.

POPCAT Price Analysis. Source: TradingView

However, if selling begins, POPCAT could experience a significant drawdown. With the next major support at $1.00, a sell-off could erase much of the recent gains, potentially invalidating the current bullish outlook and leading to further market volatility.

cat in a dogs world (MEW) Forms a New All-Time High

MEW has reached a new all-time high of $0.0106, marking its fourth ATH in the last 14 days. The cat-themed meme coin has continued its upward trend, generating significant interest from investors. This streak of rising prices highlights the growing momentum behind MEW, making it one of the top performers in the meme coin market.

In the last 24 hours, MEW saw a 15.6% increase, preventing a potential drop below $0.0090. This rise offers investors a chance to capitalize on profits as the coin continues its bullish trajectory. The support at $0.0090 remains crucial to sustaining the current upward momentum.

However, like POPCAT, MEW faces the risk of profit-taking by investors. Should large-scale selling occur, it could erase recent gains, potentially invalidating the current bullish outlook.

Simons Cat (CAT) Makes a Massive Jump

CAT has been one of the best-performing cryptocurrencies this week, surging nearly 80% in just four days. The meme coin is currently trading at $0.00004379, capturing significant attention from investors. Its rapid price appreciation highlights this digital asset’s strong bullish sentiment, making it stand out in the market.

Currently, CAT is just shy of its all-time high (ATH) of $0.00004650, which was reached around a month ago. Given the ongoing upward momentum, CAT is well-positioned to breach this level and potentially set a new ATH, further reinforcing the bullish outlook for the coin.

However, if CAT fails to break past its current ATH, a pullback to $0.00004063 could occur. A further decline below this level could push CAT down to $0.00003410, which would invalidate the bullish thesis and suggest a potential bearish trend on the horizon.

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