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The cryptocurrency market is advancing last two days; Bitcoin continued its surge and advanced again above the $32000 level. This situation also supports APENFT (NFT), and in less than several hours, the price of this cryptocurrency has advanced from $0.0000015 above $0.0000017.
Fundamental analysis: APENFT has entered into partnerships with Christie’s, Sotheby’s, and Nifty Gateway
APENFT is a project with the underlying technology of top-notch blockchains with the mission and purpose to register world-class artworks as non-fungible tokens on the blockchain. APENFT transforms art pieces into something that belongs to everyone and has support from the world’s largest distributed storage system Bittorrent File System (BTFS).
Most of the APENFT team members are experts from the traditional art industry that worked for well-respected institutions such as Christie’s and Sotheby’s. APENFT is officially registered in Singapore on March 29, 2021, and the president of this project is Steve Z. Liu. Steve has spent over twenty years working for major financial institutions, including Fidelity International, Salomon Smith Barney, Nomura International, and Ant Financial Group.
“Since its founding, APENFT has entered into partnerships with Christie’s, Sotheby’s, and Nifty Gateway, the world’s largest NFT auction houses, as well as Beeple, the well-known NFT artist. The user base of the two top public chains has laid a solid ground for APENFT to expand its market influence,” a team of APENFT reported.
NFT token is used as a governance token for this project, and it is developed in compliance with the ERC-20/TRC-20 protocol. NFT also serves as proof of stake of the foundation, which means that holders share profits and participate in community events.
NFT has a total supply of 999,990,000,000,000 with an initial issuing price of $0.00000012, and you can also earn this crypto by participating in comments, creating, recommending, displaying works in APENFT.
Fundamentally looking, there is still a level of uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence. Technically looking, APENFT (NFT) extended its correction from the record highs above $0.0000085, registered on May 21, and if you decide to trade this cryptocurrency in August 2021, you should use a “stop-loss” order because the risk remains high.
Technical analysis: Bears remain in control of the price action
The critical support level stands at $0.0000015; $0.0000020 and $0.0000025 represent the current resistance levels. If the price jumps above $0.0000020, it would be a signal to trade APENFT (NFT), and the next price target could be around $0.0000022. On the other side, if the price falls below $0.0000015 support, it would be a firm “sell” signal, and we have the open way to $0.0000013.
Summary
APENFT has entered into partnerships with Christie’s, Sotheby’s, and Nifty Gateway, but there is still a level of uncertainty surrounding this project. According to technical analysis, the risk of another decline is still not over, and if the price falls again below $0.0000015 support, we have the open way to $0.0000013.