As the altcoin markets find themselves on a downward trend, ApeCoin ($APE) persists, despite enduring a 67% dip since the start of the year. Yet amidst this decline, there’s a faint spark of promise as ApeCoin rallies back with a growth of 10%, injecting some much needed vitality to an otherwise gloomy price action narrative.
Currently priced at $2.12, ApeCoin seems to be forming a double-bottomed pattern of technical support, a move that has ignited an electrifying wave of hope among its discouraged holders. The push upwards has led to a reclaiming of strong support above the descending 20DMA – hinting towards the potential of a recovery rally.
Though it is not all smooth sailing for ApeCoin, as the RSI overheated quickly following its recent surge, while the MACD indicator points towards a bullish divergence. Downside risks are minimal, with an apparent risk-reward ratio of 3.85, it arguably may not be too late to enter.
But if we shift our gaze towards a more reliable asset, let us introduce you to BTC20. Described as “Bitcoin, but better,” it promises longevity through ERC-20 proof-of-stake technology – aspiring to create a new wave of Bitcoin holders, with the bonus of a greener network and passive income generation.
Bitcoin’s reigning proof-of-work model has drawn much criticism for its exorbitant energy consumption, a problem that’s only expected to worsen as future halving events and increased difficulty rates take effect. BTC20 provides a solution to this conundrum, transforming to the more sustainable proof-of-stake blockchain technology.
With plans of stake-to-earn mechanisms launching later this year, it offers holders double-down rewards – the rewards being issued proportionally to staking quantity. For instance, a holder staking 5,000 BTC20 for a year could receive an estimated return of 3,285 BTC20.
As interest snowballs, Bitcoiners are racing to secure a portion of the 3 million tokens available for presale, priced at just $1 per BTC20 token. If BTC20 garners even 10% of Bitcoin’s market cap, then BTC20 could potentially be worth a staggering $2,790 – that’s a 278,900% increase. With its supply echoing Bitcoin’s 21 million tokens and a long-term roadmap, the sustainability of this project could ostensibly outlive the original Bitcoin.
This article serves as a compass pointing towards an interesting development in the crypto world, however, it would be prudent to remember that investing in crypto is a high-risk venture and could lead to substantial losses.
Source: Cryptonews
