• Thu. Feb 29th, 2024

ApeCoin staking launches with a thud! Will bulls overcome relentless bears?

  • ApeCoin gained 3% on Friday and remains green over the week

  • ApeCoin will start to issue staking rewards on December 12

  • The cryptocurrency faces resistance approaching the upper limit of descending channel

ApeCoin (APE/USD) staking functionality is no longer a dream – it’s a reality. Staking rewards are set to begin on December 12. Apes are making merry as the staking service launches with a thud, just like the APE airdrop.

ApeCoin staking launched on December 5, much to the excitement of its communities. In just one day after the launch of the staking feature, $32 million worth of APE was deposited in the staking contract. Stakers are now expecting the rewards in a few days, with 175 million APEs expected to be distributed in three years. The number represents around 17.5% of the total ApeCoin tokens in circulation. Will the staking feature launch boost the price of APE?

As CoinJournal previously reported, APE was gaining ahead of the staking service. The gains have cooled, in a typical buy the rumours, sell the news scenario. However, it is not that exactly, as APE had gained by an intraday of 3% as of press time. The cryptocurrency has remained at more than 2% in the past week. Will APE continue with the gains as the staking rewards trickle in? That will depend on the technical changes in APE price.

ApeCoin trapped in a descending channel amid a bullish push

APE/USD Chart by TradingView

On the daily chart, APE trades on the upper limit of the descending channel. The cryptocurrency has been trading at this level for weeks, with bulls getting rejected. The price action is, however, looking increasingly bullish, as shown by a continued push to break higher.

What to watch next for APE?

A breakout at the upper limit of the descending channel is the key event for ApeCoin next. The breakout will see APE price also overcome a crucial resistance at $4.2.

A breakout at the descending channel and $4.2 resistance will place APE for recovery to the next resistance at $5.0.

Where to buy APE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.


Buy APE with Capital.com today

The post ApeCoin staking launches with a thud! Will bulls overcome relentless bears? appeared first on CoinJournal.