Popular metaverse coin ApeCoin has announced a demo version of Yuga Labs’ Metaverse world Otherside. Thus, it experienced a significant increase in purchasing pressure. Here are the details…
Popular metaverse coin ApeCoin gains bullish momentum
ApeCoin seems to be popping up after Yuga Labs released a demo for the highly anticipated Otherside Metaverse. The Bored Ape Yacht Club creator shared a demo version of Otherside over the weekend. It has invited thousands of the game’s NFT owners to take a first look at its Metaverse. The demo version was one of the “First Outings”, which allowed owners of the game’s virtual lands called Otherdeeds to join the game.
Shortly after Yuga dropped the Otherside demo, they released a litepaper that gave some early hints on how the project would progress. The first phase of development includes a story game mode “surrounding a mysterious Obelisk that has appeared in the Otherside universe”. The second and third stages have not yet been released. But players will play a vital role in shaping the “core capabilities of the platform.” The statement on the subject includes the following statements:
We are starting to develop Otherside with Voyagers, our early adopters and believers, to plant the seeds for a successful community. They are an important part of Otherside’s history and are invited to join Voyager’s Journey.
ApeCoin is an important part of Otherside
ApeCoin plays a vital role in Otherside as it is the official currency of the game. Yuga sold Otherdeeds NFTs, which turned into a disastrous auction that clogs the Ethereum network in April. At the time, interested buyers were required to use APE to pay for virtual land plots. Now, ApeCoin has seen its price increase by about 36 percent since the demo was released on Saturday. APE rose to $6.30 from $4.60 early Monday. Further buying pressure at the current price level could result in more significant gains as the broader cryptocurrency market enjoys fresh headwinds.
According to analyst Nathan Batchelor, ApeCoin appears to have emerged from a developing ascending triangle on its 12-hour chart. This technical formation is showing a 42 percent increase towards $7.50 as long as prices stay above $5.30. Failure to hold above $5.30 could lead to a spike in profits. This could mean ApeCoin drops to $4.30. It could potentially invalidate the optimistic view. APE came to the fore with an increase of 31.2 percent in the last 7 days. It managed to see the lowest level of $ 4.20 in the last 7 days and the highest $ 6.17.
