Monday, December 5, 2022

APE overtakes MANA and SAND

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The cryptocurrency market cap is closing in on $1.8 trillion after adding less than 1% to its value in the last 24 hours.

The broader cryptocurrency market continues its recovery following a poor start to the week. The market has added nearly 1% to its value in the last 24 hours and could soon reach the $1.8 trillion level.

Bitcoin is up by more than 2% so far today and is now trading above $39k per coin. It could surpass the $40k psychological level if the market rally continues. Ether remains above $2,800 after adding less than 1% to its value recently.

However, APE, the native token of the Bored Ape Yacht Club (BAYC), is the best performer amongst the top 30 cryptocurrencies by market cap. Apecoin has added roughly 10% to its value in the last 24 hours and could be set for a further rally in the coming hours and days.

Following this excellent performance, APE has now become the most valuable metaverse-focused token in the market. APE has overtaken MANA and SAND, the native tokens of the Decentraland and The Sandbox ecosystems, respectively. 

Key levels to watch

The APE/USD 4-hour chart is currently bullish, thanks to the coin’s ongoing rally. The technical indicators show that APE is outperforming the other major cryptocurrencies at the moment.

At press time, APE is trading at $20.12 per coin. The MACD line is above the neutral zone, indicating a bullish momentum. The 14-day relative strength index of 48 shows that APE is no longer in the oversold region.

If the rally continues, APE could surge towards the first major resistance level at $22 before the end of the day. However, it would need the support of the broader market to target the $25 psychological level over the next few days. 

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