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ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?

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ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level.

  • APE shows energy, rallies 4.3% in the past seven days
  • Coin impacted by general crypto slump
  • US inflation also weighing down on crypto price

APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network.

The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months.

ApeCoin Recent Developments Contributed To Its Surge

With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish.

However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction.

ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community.

Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests.

Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs).

Crypto Market Experiencing Downtrend

According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing.

The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours.

Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday.

U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north.

Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation.

Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar.

Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35. 

On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins.

On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12.

APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com

Featured image from The VR Soldier, chart from TradingView.com

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Helium (HNT) Holds Gains Undermining Market Downtrend

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Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.

Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.

Related Reading: Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

How Helium Is Holding Its End

As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?

The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.

The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

Where Does Helium Go From Here?

There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.

Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.

Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image from Pixabay and chart from TradingView.com

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QNT Marks Positive Moves When Major Coins Facing Dumps

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Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has marked positive moves in the last few weeks. This is coming when major coins are facing dumps due to bearish market conditions.

The token has stayed green for 4 weeks, gaining over 47.37% since its $95.1 price on September 1st. The price action has been driven by strong volume and trading activity. Despite its market cap still down 2.98%, QNT has performed well against other coins with similar market caps.

Related Reading: Bitcoin Bullish Signal: Exchange Outflows Spike Up

Quant Take Back Nearly 50% From The Market In 4 Weeks

The world’s financial markets were rocked on September 13 as the U.S. Federal Reserve released inflation figures. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.

QNT fell along with the rest of the crypto market on September 13, halting its upward momentum shortly. Market uncertainty and mistrust also made it hard for bulls to boost Ethereum and Bitcoin prices. At that time, the price of QNT had a challenging time moving beyond $112.12. This price acted as its resistance level for the next few days.

Quant finally broke above the $115 mark on September 24th and continued climbing higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still on an upward trend, trading at $132 as of press time. It has gained over 45.65% in the past four weeks.

QNT’s price is currently hovering above $132. | Source: QNTUSD price chart from TradingView.com

What The Charts Say About Quant’s Movement

A formatted inverted head and shoulders pattern emerged on the Quant seven-month price chart. This bullish reversal is frequently seen near market bottoms. It signals a shift in market sentiment from selling on rises to purchasing on declines. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recover their investments.

The price of Quant gave a tremendous breakthrough from its resistance trendline of $121 on September 27th. This comes despite the continued uncertainty that exists in the cryptocurrency market. The altcoin buyers spent the next two days trying to keep prices above the broken trendline and the $131 mark.

Plus, the lower price resistance included in these retest candles suggests that buyers are receiving adequate support at this level. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.

Chart Trend Gives Traders Hope For A New High

The price of Quant is at $132 as of writing. If people keep buying, the price should go up to $155, which will be the next level of resistance. 

Related Reading: Binance Coin (BNB) Bulls Defends Key Zone, Will The Give Up?

A possible breakthrough in this monthly resistance will give buyers more room to move. It’ll also make the ongoing recovery last longer. On the other hand, the bullish thesis would be disproved if the coin price declined from the $155 barrier. It might even fall below $131.

Featured image from Pixabay and chart from TradingView.com

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Coinbase Users With U.S Bank Accounts Face Major Outage

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Coinbase Diversifies Options With Polygon And Solana
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