For the past several days, the trading price of ApeCoin (APE) has been flying high compared to the rest of the major cryptocurrencies.
However, there are signs that the strong rally APE had been experiencing for a while may be coming to an end. The exhaustion level of the bulls is now increasing, indicating a potential crash in APE’s price.
A look at the technical factors and the market fundamentals of the asset suggests that the investors supporting the bullish run are now feeling exhausted.
APE’s Strong Price Surge
The past couple of weeks has been quite phenomenal when it comes to the performance of APE.
The asset has recorded a strong pump in its value during this time that has seen it go up by 50%. The strong rally triggered in favor of the asset just when it had reached a bottom trading price of $2.60.
It is important to mention here that the rest of the major cryptocurrencies also experienced strong gains. Their prices also started to recover but their rallies were not as strong as APE.
The digital asset has outperformed the majority of the top assets and the list includes ETH and BTC as well. The reason why APE has attracted more investors in its support than the rest is because of its staking debut.
ApeCoin Staking to Go Live on December 5
The teams behind ApeCoin have confirmed that the APE staking service will be made available to the users starting December 5. The particular facility will be available for the users via apestake.io.
The team behind the development and implementation of the staking platform for the users is Horizon Labs.
Once the new staking feature has been launched for the users, they will be able to interact with multiple staking options.
These staking options include the MAYC pool, Paired pool, BAYC pool, and ApeCoin pool. The users will be able to lock and stake their funds in either of the staking pools for profits.
After the APE has been locked, the users will keep generating yields on a periodic basis.
High Anticipation Due to APE Staking
Horizon Labs have shared a report revealing that the investors have joined their platform on a large scale in anticipation of the staking service launch.
In a matter of a month, their overall investor base has surged by 8,816 individual investors, pushing the figure up to 103,591. As a result, the demand and the price of the asset have continued surging.
APE Staking Debut May Kill the Rally
The data suggest that the entire hype and rally is due to the upcoming debut of the APE staking feature. Once the new utility is launched, the anticipation will fade and things will go back to normal.
When that happens, the trading price of APE may start facing a correction. This indicates that the asset’s price may experience a 30% correction.