Analyst Yashu Gola predicts ApeCoin to grow 45% after Otherside's metaverse demo

Depending on where a breakout from the ascending triangle takes the asset, it could go as high as $8,4 or as low as $3,5

19.07.2022 - 14:10

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What’s new? Cointelegraph analyst Yashu Gola discovered that Yuga Labs' project governance token ApeCoin (APE) broke out of the ascending triangle technical pattern. This happened after a demo of the Otherside metaverse, in which about 4 500 people took part. According to the expert, depending on where a breakout from the ascending triangle directs the rate of the asset, APE can either grow up to $8,4, or fall below the $3,5 mark.

Material from Cointelegraph

The analyst's prediction. According to the patterns of technical analysis, a breakout of the ascending triangle pushes the price up to the maximum height between the support and resistance lines forming the pattern. In such a scenario, the APE price can rise to $8,4, which is about 45% higher than the current price levels. However, the expert noted that a close below the upper trendline of the triangle could lead to a prevailing bearish breakdown, in which case the APE rate could fall below $3,5.

As of July 19, 14:10 UTC, the asset is trading at $5,97, having gained 0,03% in a day, according to cryptocurrency exchange Binance.

Otherside is a blockchain-based metaverse from Yuga Labs and was launched on May 1, 2022. The company raised $450 million in a seed funding round led by venture capital fund Andreessen Horowitz (a16z) to develop it. Yuga Labs owns the rights to some of the most popular NFT collections, including Bored Ape Yacht Club, Mutant Ape Yacht Club and CryptoPunks.

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