Apecoin (APE) price jumps nearly 40% on Yugalabs airdrop rumor

Key Takeaways:

  • Apecoin (APE) surged 60% in three days.
  • The token faced overbought risks and could correct in the upcoming sessions.
  • The rumors of Yuga Labs' intention to distribute virtual land to BAYC and MAYC owners spurred the rally.
Apecoin (APE) price jumps nearly 40% on Yugalabs airdrop rumor
image from medium.com

YEREVAN (CoinChapter.com) – Apecoin (APE), the token associated with Yuga Labs’ Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFT collections, soared 60% three days. As a result, Apecoin price stood at $17 in Wednesday’s European session.

Apecoin (APE) price on Apr. 20.
Apecoin (APE) price on Apr. 20. Source: CoinMarketCap.com

The token retested a former resistance line on Apr. 20, solidifying bullish expectations, and initiated a new leg up. As a result, the trend-based MACD oscillator printed extensive green candles, foreshadowing a continuation. However, not all indicators favored further price appreciation.

Also read: ApeCoin jumps 17% in two days on news of Bored Ape movie.

Apecoin (APE) four-hour chart. Source: TradingView.com
Apecoin (APE) four-hour chart. Source: TradingView.com

The relative strength index (RSI; purple graph at the bottom) charted deep into the overbought territory, standing at 81. In detail, whenever the RSI surpasses the margin of 70, it flashes a warning to traders that the price might be ‘too high.’ Thus, the investors could choose to withdraw, securing their profits and triggering a sell-off wave.

Additionally, Apecoin’s trading volumes declined for the previous three days, despite the price surge. The bias dissonance between the price action and trading volumes supports the looming correction.

Also read: BAYC’s ApeCoin has slumped over 70% from debut high already.

Meanwhile, APE took off based on unconfirmed rumors of an upcoming airdrop from YugaLabs.

Apecoin feeding on possible Yuga Labs land drop?

According to the rumor, Bored Apes and Mutant holders could receive virtual lands in Yuga Lab’s Metaverse named “Otherside.” Thus, Apecoin jumped on the holder’s expectations that APE could become a payment token in an upcoming metaverse land sale.

In detail, Otherside will combine features of massively multiplayer online role-playing games (MMORPG). Hence, the players will be able to use their NFTs as characters or avatars.

Also read: Bored Ape Yacht Club has a new mascot token: ApeCoin.

There were many speculations around the upcoming land drop. The DYOR Podcast voiced some of them that stated Bored Apes and Mutants would get the “prime spots” in the new Metaverse platform. However, no land for “the dogs,” meaning the BAKC mentioned above.

Yuga Labs land is like a circle, with O.G. Apes getting the middle, and the Mutants getting the outside middle. Animoca is taking on all the securities, legal risks, the land, and that’s why they’re doing KYC [know your customer]. […] They’re going to give a lot of things to holders, so hold on to your BAYC/MAYC if you considered selling.

said DYOR, reading a recieved message.

However, as there was no official announcement from the team, the said rumor remains unconfirmed.

Apecoin, Apecoin (APE) price jumps nearly 40% on Yugalabs airdrop rumor

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