Bored Ape Yacht Club (BAYC) governance token ApeCoin is continuing to grind down with resistance as APE price plunges -2% in an hour, but could this surging alternative token be a superior play amid $4.5m investment?
ApeCoin has suffered challenging price action in recent weeks, following a tumultuous ApeFest event, and a tough layer of resistance stemming from the descendant trading channel.
This comes amid a downtick in BAYC NFT prices, which have seen a -5.57% drop in trading volume over the past 24-hours as floor-price struggles to make headway above 30 ETH.
Ok it’s time $APE pic.twitter.com/Py9lT773pS
— Waleed Ahmed (@Waleedahmed234) November 24, 2023
Yet, despite the rocky performance of the BAYC NFT collection, market sentiment for underlying ApeCoin remains strong, with traders betting big on a bullish pendant pattern that seems to suggest APE price is on the precipice of a breakout – lets dig in.
APE Price Analysis: Is ApeCoin Going to Zero Amid Trading Channel Resistance Downtick?
As APE price ticks down in face of stiff resistance, ApeCoin is currently trading at a market price of $1.56 (representing a 24-hour change of -1.07%).
The recent downside move, triggered by a descendant upper trendline – which is creating a patch of localized resistance, comes hot on the heels of recent gains which saw APE price hammer up from the 20DM.
Indeed, the 20DMA (now sat at $1.47) has provided legs to much of the past few weeks ApeCoin price action (which has seen a +11.2% MoM gain), including the push to a localized high of $1.78.
However, APE price now appears to be on a crash course with moving average support following 4-sequential days of downside moves that have so far seen APE price bleed-out -12.5%.
This is bolstered by a further layer of support, stemming from the historic $1.445 price level, giving bears a lower side target at $1.5.
Meanwhile, the RSI indicator has managed to cool-down in the midst of the recent downturn, now standing at 56.81 – this could signal increased capacity for an upside move.
Sentiment is mirrored by the MACD, which despite the downside, is showcasing minor bullish divergence in momentum at 0.011.
APE price is consequently in good form, with strong support to help cement recent gains amid the cool-down in bullish momentum, backed by a bullish pendant pattern, and increasingly bullish signals from key indicators.
On the short-time frame ApeCoin has an upside target at $1.78 (a potential +13.74%).
While downside risk from here could see ApeCoin fall to lower support at $1.5 (a possible -4.15%).
This leaves APE price with an alluring risk: reward ratio of 3.31, a strong entry characterized by significant upside potential – and certainly not going to zero anytime soon.
But while APE price is battling resistance, a new presale is surging with a dazzling $4.5m raised – discover Bitcoin Minetrix.
APE Price Retracement Alternative? Don’t Miss the Bitcoin Minetrix Presale As Almost $4.5M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$4,524,795 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
@HIVEDigitalTech expands its global mining footprint with a new data center in Sweden, committed to green energy practices and boosting #Bitcoin production. #BitcoinMinetrix has also reached another phenomenal milestone, raising over $4,400,000! pic.twitter.com/IcCDlQn7kw
— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
Bitcoin Minetrix Smashes $4.5M Raised as Traders Rally Against Bitcoin Mining Centralization
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over APE Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.5m raised towards its $5.2M goal. At a competitive price of just $0.0119 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Buy BTCMTX Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is ApeCoin Going to Zero? APE Price Plunges 2% in 1 Hour While Bitcoin Minetrix Locks in $4.5 Million of Fresh Investment appeared first on Cryptonews.