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- The APE price is currently facing a downtrend, signifying the bearish dominance.
- The selling volume gained 84.79% in 24 hrs trading session
- The price is moving below the 20, 50, 100 and 200 daily moving average.
ApeCoin is an ERC-20 governance and utility token used within the QPE ecosystem to empower and incentivize a decentralized community building at the forefront of web3. ApeCoin also gives access to certain parts of the ecosystem that are otherwise unavailable, like exclusive games and services.
The APE price is currently facing a downtrend, which signifies that the bears are more dominant over the APE as compared to bulls. Amid this bearish pressure the coin fell 32.94% in just 4 days and is still falling. Bulls really need to come forward to support the ecosystem from collapsing. While the volume is at a conspicuous gain of 84.79% which means that the sellers are continuously increasing, if this scenario continues further the token may fall below the support of $5 and it will be very difficult for the bulls to make it recover. The token is following the trend of traditional cryptocurrency ‘BTC’ which is also at a downtrend currently.
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The current price for one APE is $6.07 with a loss of 12.53% in its market capitalization in the last 24 hrs. The token has a trading volume of 667 million with a gain of 84.79% in 24 hrs trading session and a market cap of 1.7 billion which is at a loss of 12.53% over the past 24 hrs.
APE Needs to Attract Buyers
As the selling volume is increasing continuously, the token needs to attract buyers as soon as possible, because the token is at a verge of breakdown currently.
Let’s see what technical indicators suggest.
While observing the MACD indicator it didn’t give any clear indication of further movement, all we can get from the indicator is that the last histogram is rising in red.
Whereas the relative strength index is indicating that the selling volume is increasing continuously. The RSI value for APE is nearly equal to 35.
The price is moving below the 20, 50, 100, 200 daily moving average
Conclusion
The APE price is currently facing a downtrend, the token is following the trend of traditional cryptocurrency ‘BTC’ which is also at a downtrend currently. Selling volume is at a conspicuous gain of 84.79%.
Technical levels
Resistance level: $8
Support level: $5 and $ 3.5
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
