BAYC copycat files opposition to 10 Yuga Labs trademark applications

February 11, 2023 Coin Telegraph

apecoin

A Yuga Labs spokesperson has played down the significance of the opposition notice and suggested that the RR/BAYC co-founder is just trying to cause trouble.

One of the founders of the Bored Ape Yacht Club copycat NFT collection RR/BAYC has filed an opposition notice against 10 trademark applications from Yuga Labs.

The move marks another strange twist in the ongoing intellectual property dispute between BAYC creators Yuga Labs and RR/BAYC founders Ryder Ripps and Jeremy Cahen.

Cahen filed the opposition notice to the US Patent and Trademark Office’s (USPTO’s) Trademark Trial and Appeal Board on Feb. 9. The opposition status on all of the trademark filings currently read “pending” at the time of writing.

Yuga Labs’ trademark applications were mostly submitted in the latter half of 2021, and cover a bunch of BAYC logos, artwork and branding for potential use across digital products such as NFT-based art, trading cards and Metaverse wearables.

The filings also list the potential for physical BAYC products including clothing, jewelry, watches and keychains, along with entertainment services such as gaming, television and music.

Speaking with Bloomberg Law on Feb. 11, a Yuga Labs spokesperson played down the chances of Cahen’s opposition being successful and suggested that the move was just another attempt to cause trouble for the firm.

“The Trademark Office has preliminarily approved Yuga Labs’ trademark applications for registration, and we look forward to their full approval in due course,” they said, adding that:

“Jeremy Cahen’s filing is just another attempt to distract from the real issue at hand, his infringement of the Yuga intellectual property.”

In the notice, Cahen puts forward a lengthy list of “grounds for opposition” against Yuga Labs’ filings. In particular, Cahen claims that the company “abandoned any rights” to certain logo and artwork designs due to BAYC NFT sales granting “all rights” of the digital images to the owners.

He also claims that Yuga Labs is not the rightful owner of specific skull designs due to the firm supposedly handing over the rights to the ApeCoin decentralized autonomous organization (DAO) back in March 2022.

Additionally, Cahen argues that Yuga Labs failed to provide a “bona fide intent to lawfully use” the trademarks in its filings as the NFTs should be registered and classified as securities under federal law.

BAYC creators Yuga Labs sued digital artist Ryder Ripps and Cahen back in June for using BAYC imagery in the RR/BAYC collection. The firm also alleged that the duo were intentionally “trolling Yuga Labs and scamming consumers” into purchasing their copycat NFTs.

The move from Cahen also comes just three days after Yuga Labs settled a separate lawsuit against RR/BAYC website and smart contract developer Thomas Lehman.

As part of the settlement, Lehman essentially agreed to a permanent injunction barring him from partaking in any “confusingly similar” BAYC-related projects. In a statement, Lehman also distanced himself from Ryder Ripp and Cahen.

BAYC investors have less than a week to join class action against Yuga Labs

January 31, 2023 Coin Telegraph

apecoin

The new class action lawsuit aims to help BAYC and APE buyers get compensation from Yuga Labs due to the firm allegedly misleading investors.

Troubled cryptocurrency fintech Yuga Labs is about to face more lawsuits in relation to its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC) and other projects.

Rosen Law Firm, a global law firm focused on investor rights’ protection, announced on Jan. 30 that it’s planning to file a class action lawsuit against Yuga Labs.

Rosen invited purchasers of Yuga securities — including BAYC NFTs and the native token ApeCoin (APE) — to join the class action against Yuga by the lead plaintiff deadline set for Feb. 7.

The law firm emphasized that Yuga securities’ investors that bought BAYC and APE between April 23, 2021, and Dec. 8, 2022, may be entitled to compensation without payment of any additional costs through a contingency fee arrangement.

The new case targets a large number of defendants, including Yuga Labs co-founder Wylie Aronow, who took a leave from the office on Jan. 28, citing health problems. The case will also be against co-founder Greg Solano, billionaire BAYC founder Kerem Atalay, Yuga Labs CEO Nicole Muniz, as well as some world-known celebrities, including Madonna and firms like Adidas and Moonpay.

The new lawsuit is yet another attempt to hold Yuga Labs accountable for massive losses by NFT investors who bought BAYC and APE over the past few years. By October 2022, the average transaction value of BAYC NFTs plummeted below $85,000 after reaching $312,000 in April 2022. The floor price of BAYC NFTs also tumbled from around 144 Ether (ETH), or $226,000, to 64 ETH ($100,000) at the time of writing.

*BAYC NFT price chart. Source: NFT Price Floor*

Yuga Labs also faced a similar lawsuit from American plaintiffs Adonis Real and Adam Titcher in December 2022. Similarly to Rosen’s class action, the complaint listed more than 40 people and companies as defendants, including Madonna, Justin Bieber, Paris Hilton, Snoop Dog, Jimmy Fallon, Post Malone and others.

Previously, law firm Scott+Scott filed a class action suit against Yuga Labs in June 2022, arguing that the firm “inappropriately induced” the community to buy BAYC NFTs and ApeCoin.

Yuga Labs, a Miami-based company, has been additionally involved in some disputes concerning trademark and copyright issues. In June, Yuga Labs filed a lawsuit in a Los Angeles court against artist Ryder Ripps, claiming that he used Yuga Labs’ trademarks to promote his own NFT collection. A subsequent court filing suggested that Yuga Labs lacked copyright registration for BAYC.

“Yuga Labs does not have a registered copyright, and there is, therefore no imminent threat of a lawsuit for copyright infringement,” the filing stated.

Despite facing a lot of issues, Yuga Labs has been taking measures to expand its NFT ecosystem. On Jan. 18, Yuga Labs launched its new Dookey Dash game, a skill-based minting experience allowing BAYC investors to claim free tokens in order to compete for the highest score and earn new perks.

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023 Coin Telegraph

Aave

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE and FIL could breakout.

After nearly a 20% rally last week, Bitcoin (BTC) is on track to end this week with gains of roughly 10%. Bitcoin’s rally has improved sentiment and attracted buying in several altcoins. This sent the total crypto market capitalization firmly above the $1 trillion mark.

The strong recovery in Bitcoin has startled several analysts who remain skeptical about the rally. Some believe that the current rise is a dead cat bounce that will reverse direction sharply while others see similarities between the current rally and the 2018 bear market recovery.

*Crypto market data daily view. Source:* *Coin360*

Although traders should be ready for any eventuality, the pace of the rise in Bitcoin does point to a possible major bottom. There are likely to be bumps down the road but the dips are likely to be aggressively purchased by traders.

Bitcoin’s sustained recovery may encourage buying in select altcoins.

Let’s study the charts of Bitcoin and select altcoins that are showing strength in the near term.

BTC/USDT

Bitcoin climbed above the $21,650 overhead resistance on Jan. 20, indicating the resumption of the up-move. This shows that demand remains strong at higher levels.

The bulls pushed the price above the $22,800 resistance on Jan. 21 but failed to build upon the breakout as seen from the long wick on the day’s candlestick.

While the upsloping moving averages indicate that bulls are in command, the relative strength index (RSI) in the overbought territory warrants caution. It suggests that a few days of consolidation or minor correction is possible.

However, when a new uptrend starts, the RSI sometimes tends to remain in the overbought zone and frustrates the bears. If that happens, the uptrend may continue without a major pullback and the pair could reach $25,211.

On the downside, the first support is at $21,480. If the price rebounds off this level, it will suggest that the bulls are buying on every minor dip. That could increase the likelihood of a rally to $25,211.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are trying to flip the $22,800 level into support. If the price continues higher and soars above $23,271, the bullish momentum could pick up and the pair may rush toward $25,211.

If the price turns down and breaks below $22,600, the pair could slide to the 20-exponential moving average. This level may act as a support but if bears manage to pull the price below it, the next stop could be $21,480.

APE/USDT

ApeCoin (APE) has been range-bound between $7.80 and $3 for the past several months. After the bears failed to sink the price below the range, the bulls are attempting a comeback. They will try to propel the price to the resistance of the range.

The upsloping moving averages and the RSI in the overbought area suggest that buyers have the upper hand. There is a minor resistance near $6.40 but if buyers bulldoze their way through it, the APE/USDT pair could surge to $7.80. This level may witness aggressive selling by the bears.

The positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA ($4.80). That could sink the price to the 50-day simple moving average ($4.17).

*APE/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair is in a strong uptrend. The bears are trying to stall the up-move at $6 but a positive sign is that the bulls have not given up much ground. This indicates that every minor dip is being purchased. The bulls will now try to propel the price above $6 and resume the uptrend.

On the contrary, the bears will try to pull the price below the 20-EMA. If they succeed, the pair could attract profit-booking from the short-term bulls. The pair could then tumble to $5.

MANA/USDT

Decentraland (MANA) rallied sharply from $0.28 on Dec. 30 to $0.78 on Jan. 21, which shows strong momentum in favor of the bulls.

The bears sold the break above $0.74 on Jan. 17 but the bulls stepped in and bought the dip at $0.61. This shows that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

The bulls will have to sustain the price above $0.74 to signal the start of the next leg of the recovery. The MANA/USDT pair could surge to $0.87 and thereafter to the psychological barrier at $1.

If bears want to gain the upper hand, they will have to sink the price below $0.61. If they do that, the pair could start a deeper correction to $0.53.

*MANA/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows the formation of an inverse head and shoulders pattern. If buyers thrust the price above the neckline of the pattern, the setup will complete and the pair could spurt toward the target objective at $0.93.

Contrarily, if the price turns down from the current level and breaks below the moving averages, it will suggest that the bears are fiercely guarding the $0.74 resistance. The pair could then plunge to the $0.61 to $0.55 support zone.

AAVE/USDT

Aave (AAVE) broke and closed above the downtrend line on Jan. 17 signaling a potential trend change. The bears tried to yank the price back below the downtrend line on Jan. 18 but the bulls held their ground.

The upsloping 20-day EMA ($74) and the RSI in the overbought region suggest that bulls have the edge. This advantage could strengthen further with a break above $92. The AAVE/USDT pair could then rally to the psychologically crucial level of $100.

This level may again pose a strong challenge to buyers but if they overcome this obstacle, the pair could skyrocket toward $115.

Contrary to this assumption, if the price turns down and dives below the downtrend line, it will signal that bears are active at higher levels. The advantage may tilt in favor of the bears on a slide below the 20-day EMA.

*AAVE/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bears are defending the zone between $88 and $91 but they haven’t been able to pull the price below the moving averages. This indicates a bullish sentiment where traders are buying the dips.

The bulls will make one more attempt to clear the overhead zone. If they can pull it off, the pair could resume the uptrend.

Instead, if the bulls fail to push the price above $91, the bears will try to tug the pair below the moving averages. The pair could then fall to $78 and later to $73.

FIL/USDT

Filecoin (FIL) broke above the downtrend line on Jan. 14 and held the retest of the breakout level on Jan. 18. This suggests that the bulls have flipped the downtrend line into support.

The moving averages have completed a bullish crossover and the RSI is in the overbought space, signaling that bulls are in control. The FIL/USDT pair could rally to $6.50 where the bears may again mount a strong defense. If bulls kick the price above this level, the up-move could reach $9 with a brief halt near $7.

The 20-day EMA ($4.24) is the important support to watch out for on the downside because a drop below it could tilt the advantage in favor of the bears.

*FIL/USDT 4-hour chart. Source: TradingView*

The bears tried to stall the relief rally at $5 but the bulls pierced this resistance and started the next leg of the recovery. The upsloping moving averages and the RSI in the overbought zone indicate that bulls are firmly in the driver’s seat. Buyers will try to nudge the pair toward $6.50 and then $7.

On the downside, the 20-EMA is the critical support to pay attention to. If the price rebounds off this level, it will indicate that the uptrend remains intact. On the other hand, if bears drag the price below the moving averages, the pair could collapse to $4.20.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Analytics Firm Names Two ‘Still Undervalued’ Crypto Assets, Warns One Explosive Altcoin Facing High Risk of Pullback

January 20, 2023 The Daily Hodl

Top Crypto Strategist Predicts Violent Rallies for Decentraland, ApeCoin and One Additional Altcoin

January 10, 2023 The Daily Hodl

Biggest Movers: SHIB Surges to 5-Week High, APE up for Fifth Straight Day

January 10, 2023 Bitcoin.com

These 4 altcoins may attract buyers with Bitcoin stagnating

January 1, 2023 Coin Telegraph

apecoin

Bitcoin remains stuck in a tight range but LTC, APE, ICP, and BIT are showing signs of starting a new up-move.

Bitcoin’s (BTC) volatility remained subdued in the final few days of the last year, indicating that investors were in no hurry to enter the markets.

Bitcoin ended 2022 near $16,500 and the first day of the new year also failed to ignite the markets. This suggests that traders remain cautious and on the lookout for a catalyst to start the next trending move.

Several analysts remain bearish about Bitcoin’s near-term price action. David Marcus, CEO and founder of Bitcoin firm Lightspark, said in a blog post released on Dec. 30 that he does not see the crypto winter ending in 2023 and not even in 2024. He expects that it will take time to rebuild consumer trust but believes the current reset may be good for legitimate firms over the long term.

The bearish calls are an indication that the sentiment remains negative but there is also a silver lining to it. Usually, bear markets end after the last bull has turned bearish. With no more sellers left, the price action stabilizes and new buyers enter the market. That usually causes a reversal and starts a new up-move.

While Bitcoin remains range-bound, select altcoins are showing signs of strength. Let’s look at the charts and spot the important levels to keep an eye on.

BTC/USDT

The failure of the bulls to push Bitcoin above the 20-day exponential moving average ($16,778) has strengthened the bears further who are trying to sink the price below the immediate support at $16,256.

The 20-day EMA is gradually sloping down and the relative strength index (RSI) is near 43, indicating a minor advantage to sellers. If bears sink the price below $16,256, the BTC/USDT pair could drop to $16,000 and thereafter to the vital support at $15,476. A break below this support could signal the resumption of the downtrend.

This negative view will be invalidated in the near term if buyers thrust the price above $17,100. Such a move will indicate aggressive buying on dips. The pair could then pick up momentum and make a dash toward $18,388. Sellers are again expected to mount a strong defense at this level.

The pair has been stuck between $16,256 and $17,061 for some time. The bounce off the support is facing selling near the moving averages. This suggests that bears continue to sell on rallies.

However, a minor positive is that the bulls have not given up much ground and the pair remains near the 20-EMA. This increases the likelihood of a break above the moving averages. If that happens, the pair could rise to $16,800 and then $17,061.

On the downside, bears will have to pull the price below the immediate support of $16,429 to set up a retest of $16,256.

LTC/USDT

Several major cryptocurrencies are still searching for a bottom but Litecoin (LTC) is way above its June low. This indicates strong demand at lower levels.

The 20-day EMA ($69) has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.

The advantage will tilt in favor of the buyers if they push and sustain the price above the moving averages. The LTC/USDT pair could then climb to the overhead resistance at $75. This is an important level to watch out for in the near term because a break above it could open the doors for a rally to $85.

Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, the pair could slide to $65.

*LTC/USDT 4-hour chart. Source: TradingView*

The moving averages on the 4-hour chart are moving up slowly and the RSI is in the positive territory, signaling that bulls have the upper hand. There is a minor resistance at $72 but if this level is crossed, the up-move could reach $75.

Sellers are likely to mount a strong defense in the $72 to $75 zone but if bulls bulldoze their way through, the rally could accelerate and reach $80. On the downside, a break below $65 could open the doors for a decline to $61.

APE/USDT

ApeCoin (APE) has been trading inside a large range between $3 and $7.80 for the past several months. The moving averages have flattened out and the RSI is near the midpoint, indicating that the selling pressure could be reducing.

The bears have not allowed the price to rise above the moving averages but an encouraging sign is that the bulls have maintained the buying pressure and not let the price slip. This increases the possibility of a break above the moving averages. If that happens, the APE/USDT pair could ascend to $4.58 and thereafter to $5.25.

Alternatively, if bears do not allow the price to pierce the overhead resistance, the pair could again slump to the vital support at $3. A slide below the $3 to $2.61 support zone could indicate the start of the next leg down.

The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. Although the moving averages are flattish, the RSI has risen into the positive zone, indicating that bulls have a slight edge. If buyers clear the minor hurdle at $3.71, the pair could rise to the resistance line of the triangle.

Conversely, if the price turns down and breaks below the uptrend line, it will suggest that bears are back in the game. The pair could then tumble to $3.20 and later to the important support at $3.

ICP/USDT

Internet Computer (ICP) continues to trade below the breakdown level of $4.61 but the RSI is forming a positive divergence, indicating that the selling pressure could be reducing.

Buyers propelled the price above the downtrend line on Dec. 30 but the bulls could not sustain the breakout. The bulls again tried to overcome the barrier on Jan.1 but the long wick on the candlestick shows that bears are selling on intraday rallies.

If the price slips and sustains below the 20-day EMA ($3.91), the bears will try to pull the price to $3.60 and then to $3.40.

On the contrary, if the price rebounds off the moving averages, the bulls will again try to drive the price above $4.21. If they can pull it off, the ICP/USDT pair could soar to $4.61 where the bears may try to stall the recovery.

*ICP/USDT 4-hour chart. Source: TradingView*

The bulls have managed to defend the 50-SMA but they have failed to sustain the price above the 20-EMA. This indicates that bears are active at higher levels. If the price turns down and plummets below $3.90, the pair could drop to $3.76 and then $3.60.

Alternatively, if bulls pierce the overhead resistance zone of $4.10 to $4.21, the momentum could pick up and the pair could surge to $4.46. This level may behave as a minor hindrance but it is likely to be crossed. The pair could then reach $4.61.

BIT/USDT

BitDAO (BIT) has been consolidating between $0.25 and $0.35 for the past few days but the price action is showing signs of a possible breakout.

The moving averages have completed a bullish crossover, indicating a potential trend change. If buyers catapult the price above $0.35, the BIT/USDT pair could start a new uptrend. The pair could then attempt a rally to the target objective at $0.45.

On the other hand, if the price turns down from $0.35, it will suggest that bears are guarding this level with vigor. The price could then dip to the 20-day EMA ($0.30).

If the price rebounds from this level, it will suggest that the sentiment may have shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $0.35.

The bears will have to yank the price below the moving averages to invalidate the bullish view. The pair could then remain stuck inside the range for a while longer.

*BIT/USDT 4-hour chart. Source: TradingView*

The price turned down sharply from the overhead resistance at $0.35 but the bulls are trying to arrest the pullback at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest aggressive buying on dips. The pair could then scale the overhead resistance and start its northward march to $0.40 and then $0.42.

Instead, if the price turns down and breaks below the 20-EMA, several short-term bulls may book profits. That could pull the price to the 50-SMA. Such a move will suggest that the pair may spend some more time inside the range.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BAYC Staking Goes Live With Bananas Yields

December 12, 2022 The Crypto Briefing

Bitcoin price consolidation could give way to gains in TON, APE, TWT and AAVE

December 4, 2022 Coin Telegraph

Aave

If Bitcoin rises above its overhead resistance, TON, APE, TWT and AAVE could begin to tack on outsized gains.

The United States equities markets shrugged off the hotter-than-expected labor data on Dec. 2 and recovered sharply from their intraday low. This suggests that market observers believe the Federal Reserve may not change its stance of slowing the pace of rate hikes because of the latest jobs data.

Although the FTX crisis broke the positive correlation between the US equities markets and Bitcoin (BTC), the recent strength in the equities markets shows a risk-on sentiment. This could be favorable for the cryptocurrency space and may attract dip buyers.

The broader crypto recovery may pick up steam after more clarity emerges on the extent of damage caused due to the FTX crisis. Until then, bullish price action may be limited to select cryptocurrencies.

Let’s look at the charts of Bitcoin and select altcoins that may be getting ready to start an up-move in the near term.

BTC/USDT

Bitcoin has been trading near the 20-day exponential moving average ($16,963) for the past three days. This suggests a tough battle between the bulls and the bears to gain supremacy.

The major roadblock for the buyers on the upside is $17,622. If bulls catapult the price above this level, it will suggest that the downtrend could be over, The BTC/USDT pair could then race to the psychological level of $20,000. This level may again act as a resistance but if crossed, the pair could rally to $21,500.

Conversely, if the price turns down from $17,622 and breaks below the 20-day EMA, it will suggest that the bears have not yet given up. The pair could thereafter consolidate in a large range between $15,476 and $17,622.

Buyers are defending the 20-EMA on the 4-hour chart but the failure to achieve a strong bounce indicates that demand dries up at higher levels. The bears may try to make the most of this opportunity and pull the price below the moving averages. If they manage to do that, the pair could drop to $16,000 and then to $15,476.

On the other hand, if the price turns up and breaks above $17,250, the likelihood of a rally to $17,622 increases. This level may again act as a significant resistance but if bulls drive the price above it, the pair could rally to $18,200.

TON/USDT

Toncoin (TON) nudged above the symmetrical triangle pattern on Nov. 30 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. However, the bulls defended the 20-day EMA ($1.73) on the downside, indicating buying on dips.

The upsloping moving averages and the RSI in the positive zone indicate advantage to buyers. This improves the prospects of a break above the resistance line of the triangle. If that happens, buying could accelerate and the TON/USDT pair could soar to $2.15 and then march toward the pattern target of $2.87.

This positive view could negate in the near term if the price once again turns down from the resistance line and plummets below the 20-day EMA. That could increase the selling pressure and pull the pair to the 50-day simple moving average ($1.62) and later to the support line.

*TON/USDT 4-hour chart. Source: TradingView*

The bears are trying to defend the overhead resistance at $1.84 while the bulls are buying the dips to the 20-EMA. The price is getting squeezed between the two levels and may be ripe for a range breakout.

If the price rises above the overhead zone between $1.84 and the downtrend line, it may attract further buying by the bulls. That could start a new up-move to $2. The important level to watch on the downside is $1.68 because a break below it could expedite the drop to the support line.

APE/USDT

ApeCoin (APE) turned down from the downtrend line on Nov. 30 but the bulls have not allowed the price to break below the 20-day EMA ($3.73). This is a positive sign as it signals demand at lower levels.

The 20-day EMA is gradually turning up and the RSI has jumped into the positive territory, indicating that bulls are attempting a comeback. The APE/USDT pair could pick up momentum on a break above the downtrend line. This could open the doors for a possible rally to $5 and thereafter to $6.

Instead, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are active at higher levels. The pair could then drop to $3, which is likely to act as a strong support.

The 20-EMA on the 4-hour chart has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This uncertainty could shift in favor of the bulls if they push the price above $4.05. The pair could then rally to the downtrend line.

If bears want to gain the upper hand, they will have to sink the pair below $3.77. If they manage to do that, the decline could extend to $3.50.

TWT/USDT

Trust Wallet Token (TWT) rebounded sharply off the 20-day EMA ($2.07) on Nov. 27 and broke above the resistance at $2.45 on Dec. 2. This suggests that the trend remains bullish and traders are viewing the dips as a buying opportunity.

The bears may again pose a strong challenge at $2.73 but if bulls overcome this barrier, the TWT/USDT pair could resume the uptrend. The next stop on the upside could be $3 and if this level is also taken out, the pair could soar to the pattern target of $3.51.

Contrarily, if the price turns down and breaks below $2.25, the pair could drop to the 20-day EMA. This remains the key level to watch on the downside because a break below it could pull the pair toward $1.81. A bounce off this level could suggest that the pair may consolidate between $1.81 and $2.54 for a few days.

*TWT/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the 4-hour chart has turned up and the RSI is in the positive zone, indicating that buyers have an edge. The bulls will attempt to drive the price above the overhead resistance zone between $2.54 and $2.73. If they succeed, the pair could start the next leg of the uptrend.

Contrary to this assumption, if the price turns down and breaks below the 20-EMA, the bullish momentum may weaken and the pair could slide to the 50-SMA. The pair could then remain range-bound for some time before starting the next trending move.

AAVE/USDT

Aave (AAVE) recovered sharply from the psychological support at $50 and broke above the 20-day EMA ($63). Buyers are currently striving to strengthen their position by flipping the 20-day EMA into support.

The bears are trying to defend the 32.8% Fibonacci retracement level of $68 but a minor positive is that the bulls have not given up much ground. This indicates that buyers anticipate a move higher.

The 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the bears may be losing their grip. If buyers thrust the price above $68, the AAVE/USDT pair could rally to the 50-day SMA ($71) and thereafter to the 61.8% retracement level at $80.

On the contrary, if the price turns down and breaks below the 20-day EMA, the pair could drop to the support line of the channel.

The pair is facing resistance near $66 and the RSI has formed a negative divergence on the 4-hour chart, suggesting that the bullish momentum could be weakening in the near term. A break below the 50-SMA could pull the price to the $56 to $58 support zone.

Alternatively, if the price turns up from the current level and breaks above $66, the pair could rally to $71. This level may again act as a resistance but if bulls push the price above it, the rally could extend to $80.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ApeCoin risks 30% crash after APE staking debut in December

December 2, 2022 Coin Telegraph

Altcoin

ApeCoin price has rallied 50% in the last three weeks but a sell-the-news event risks wiping out those gains.

The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors.

Fundamental — ApeCoin Staking launch

In the past two weeks, APE's price is up over 50% after bottoming at around $2.60.

The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin's staking debut.

The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.

The feature announcement has resulted in a rise in the APE holders' count, according to data tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.

*ApeCoin holders over time. Source: Dune Analytics*

But analysts fear that the ApeCoin Staking may become a sell-the-news event. For instance, Altcoin Sherpa says that one shouldn't buy APE in anticipation of a continuous bull-run toward $5 after the staking launch.

Altcoin Sherpa:

"You can probably long until staking starts, and then you can just short it [...] I wouldn't buy here personally but would wait for a break/retest."

Technical — 30% APE price correction ahead?

Technicals meanwhile suggest that ApeCoin's price can decline by at least 30% by the end of December.

The daily chart shows APE's price entering a correction upon testing its multi-month descending trendline resistance near $4.50. This move is reminiscent of price pullbacks witnessed multiple times since August, as shown below.

*APE/USD daily price chart. Source: TradingView*

Each correction cycle highlighted in the chart above exhausts when APE reaches the lower end of the Bollinger Band. The $2.80-2.50 range comes into play if this fractal repeats, down up to 30% from current price levels.

Conversely, a breakout above the descending trendline resistance could invalidate the bearish setup — by sending APE price to its primary upside target near the 200-week exponential moving average (the blue wave) near $6.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Fundamental — ApeCoin Staking launch

Technical — 30% APE price correction ahead?

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