1 APE price may break the consolidation channel soon.

2 The price has lost 18.81% in a month.

3 APE price is trapped in a narrow consolidation phase revealing a bearish pennant pattern.

APE price is currently trapped in a narrow consolidation phase, and revealed the formation of a bearish pennant pattern, giving out cloudy signals. Many analysts place their bets on the recent multi-year partnership between Yuga Labs and Luxury fashion brand Gucci. Yuga Labs is responsible for the most popular NFT collection (Bored Ape Yacht Club) BAYC, CryptoPunks, and several others.

APE creator Yuga Labs operates Otherside, a virtual world and gaming platform themed around BAYC. The new collaboration aims to explore the integration of fashion and entertainment in the Metaverse. It also aims to foster interaction between both companies’ communities.

The Pictorial

Source: APE/USDT by TradingView

APE price is currently trapped in a narrow consolidation phase, and formed a bearish pennant pattern. This pattern is a strong bearish signal which intensifies the underlying selling pressure once complete. However, an aggressive downfall may not be the only result. The ongoing downtrend in APE price witnesses a temporary horizontal trend. Furthermore, a pennant pattern after a sharp fall forms a short break period allowing sellers to check stability at a lower level.

Thus, as the APE price nears the pennant peak, investors may witness a breakdown opportunity. It is more likely to breach the lower trendline and amplify the prevailing downtrend. On the contrary, EMA ribbon forms a bullish crossover (green circle), hinting at a possibility of a bullish breakout after the pattern is complete. The sideways moving OBV suggests the market is neutral and waiting for a breakout or a breakdown. The Volume Oscillator drops slightly showing the short term pattern of a bearish break down.

The Peephole

Source: APE/USDT by TradingView

The smaller time frame shows a prolonged consolidation for APE price. The CMF moves closer to the zero-mark indicating a largely neutral market. The MACD nears a convergence and records descending buyer bars. The RSI more along the half line to suggest a neutral pull from both buyers and sellers. The shorter time frame indicators hint at a bearish breakdown, but its intensity can only be defined once the pattern is complete.

Conclusion

APE price is currently trapped in a narrow consolidation phase, and formed a bearish pennant pattern. The ongoing downtrend in APE price witnesses a temporary horizontal trend. Many analysts place their bets on the recent multi-year partnership between Yuga Labs and Luxury fashion brand Gucci. The holders can wait for the pattern to complete to observe a breakout or a breakdown. The support near $3.095 can act as a strong base for the projected downtrend.

Technical levels

Support levels: $3.905 and $3.430

Resistance levels: $4.775 and $5.875

#ape #apecoin #Binance #crypto2023 #cryptotrading

In a bold move blending cryptocurrency and hospitality, the ApeCoin decentralized autonomous organization (DAO) has voted overwhelmingly in favor of opening an APE-themed hotel in central Bangkok. The proposal, known as AIP-448, has garnered significant support, with over 91% of votes cast in favor of the project.
Strong Community Support
Voting on the proposal began on July 18, and as of now, 4.6 million APE tokens have been cast in favor, compared to 411,000 APE tokens against the initiative. The opposition constitutes just 8.16% of the total votes, highlighting strong community backing for the hotel’s launch.

Integration of Multiple Sectors
AIP-448 aims to merge intellectual property applications, the hospitality sector, the arts, and cryptocurrency. The proposed hotel will feature a variety of ApeCoin-themed attractions and amenities, including:
APE-centric exhibitionsApe-themed barRooms decorated to represent different APE communitiesAPE-branded swimming poolDedicated exhibition areas
Funding and Benefits
The proposal seeks 410,000 APE from the ApeCoin ecosystem fund to realize the project, with voting set to conclude on July 31. The ApeCoin Hotel aims to promote ApeCoin, ApeChain, and various APE communities, providing numerous benefits to members. Key proposed benefits include:
Revenue Sharing: 50% of the revenue from themed rooms will go to the ApeCoin DAO treasury for one year.Payment Acceptance: The hotel will accept ApeCoin as a payment method, demonstrating the cryptocurrency’s real-world utility and potentially boosting its circulation.Community Initiatives: Plans include offering 50 complimentary nights of accommodation to APE holders and free access to certain hotel facilities for community members.
Unique Check-In Process
The proposal outlines a unique check-in process for ApeCoin holders, who will need to verify their ApeCoin Forum membership and wallet balance at the front desk. Guests are encouraged to share their experiences on social media platform X, with those seeking free stays required to post about their visit, including photos and positive feedback, to receive cashback.
Conclusion
The ApeCoin Hotel in Bangkok represents an innovative fusion of the crypto world with traditional hospitality, potentially setting a precedent for similar ventures in the future. As the voting period concludes on July 31, the ApeCoin community eagerly anticipates the final decision and the subsequent development of this pioneering project.
$APE #apecoin #crypto

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