APE Surges by 25% Amidst Crypto Selloff on BAYC Metaverse News

Key Insights:

• On Wednesday, ApeCoin (APE) surged by 24.8% to end the day at $16.72.
• BAYC metaverse-related news drove APE to an all-time high of $17.50 before easing back.
• Wednesday’s breakout followed a 13% rally from Tuesday.

ApeCoin (APE) surged by 24.8% on Wednesday. Following a 13% breakout from Tuesday, APE ended the day at $16.72.

Bearish sentiment from the broader crypto market failed to peg APE back, with metaverse-related news delivering the upside.

Wednesday’s extended rally saw APE strike a new all-time high of $17.50, surpassing March’s previous ATH of $15.57.

The current week’s rally has driven APE to #33 on CoinMarketCap, passing over Decentraland (MANA) and The Sandbox (SAND), ranked #35 and #40, respectively.

Bored Ape Yacht Club (BAYC) Metaverse News Spikes APE

Recent announcements have driven demand for ApeCoin. The big news, however, was news of a BAYC land drop.

According to Cointelegraph, the owners of Bored Ape and Mutant Ape NFTs could become landowners on the soon-to-be-dropped Otherside metaverse.

For ApeCoin, market expectations that ApeCoin will become the ‘payment token of choice’ for the imminent Otherside land sale have driven APE to $17 levels.

Bored Ape owner Renegademaster took to Twitter to share news of Yugo Labs getting ready to sell land on the Otherside metaverse.

According to the tweet,

“The sale will be a Dutch auction of some sort starting at 600 $APE.”

Renegademaster went on further to say,

“This info was sent to me by a reliable source, however, is not confirmed or official news. Speculation at this stage so please DYOR as always! Just sharing what I was told.”

This info was sent to me by a reliable source, however is not confirmed or official news. Speculation at this stage so please DYOR as always! Just sharing what I was told. ✌️

— renegademaster / guccibayc.eth (@renegademasterr) April 20, 2022

The tweet also talked of airdrops for Yugo Labs NFT owners.

APE Price Action

At the time of writing, APE was down by 1.26% to $16.51. A bearish start saw APE fall to an early morning low of $16.43.

Technical Indicators

APE will need to avoid the $15.73 pivot to make a move through the First Major Resistance Level at $18.49.

Broader market sentiment would need to improve to support a move through Wednesday’s ATH of $17.50.

In the event of an extended rally, APE should test the Second Major Resistance Level at $20.26. The Third Major Resistance Level sits at $24.79.

A fall through the pivot would bring the First Major Support Level at $13.96 into play. Barring another extended sell-off throughout the day, APE should avoid sub-$13 levels. The Second Major Support Level sits at $11.21.