ApeCoin (APE/USD) staking launches with a thud! Will bulls overcome relentless bears?

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  • ApeCoin gained 3% on Friday and remained in the green for the week

  • ApeCoin Will Start Issuing Staking Rewards On December 12th

  • The cryptocurrency is facing resistance reaching the upper boundary of the descending channel

AppCoin (APE/USD) expressed Functionality is no longer a dream – it’s a reality. Staking rewards are scheduled to start on 12th December. Apes are celebrating as the staking service launches with a bang, just like the APE airdrop.

ApeCoin staking launched on December 5th, much to the excitement of its communities. In just one day after the launch of the staking feature, $32 million worth of APE was deposited into the staking contract. Stakers are now expecting rewards in a few days, with 175 million APE expected to be distributed over three years. The number represents approximately 17.5% of the total ApeCoin tokens in circulation. Will the launch of staking feature increase the price of APE?

First as CoinJournal informed of, moving on from APE staking service. Profits have cooled off, in a typical buy the rumor, sell the news scenario. That’s not the case, however, as APE had gained a day’s gain of 3% as of press time. The cryptocurrency has remained up over 2% over the past week. Will APE continue to be profitable as staking rewards decrease? It will depend on technical changes in APE price.

ApeCoin stuck in a descending channel amid bullish pressure

APE/USD Chart by TradingView

On the daily chart, APE trades at the upper boundary of the descending channel. The cryptocurrency has been trading at this level for weeks, with bulls getting rejected. However, the price is looking bullish as shown by a sustained push to break higher levels.

What to look forward to for APE?

The breakout at the upper boundary of the descending channel is the next important event for ApeCoin. A breakout will also see APE price cross an important resistance at $4.2.

A breakout of the descending channel and the $4.2 resistance would keep APE holding the next resistance at $5.0 for a recovery.

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