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- BAYC holder points out NFT exploitation.
- ApeCoin jumped to become the top smart contract token used by ETH whales.
- APE price went up by more than 15% in the past week.
According to a report dated Jan 20, another Bored Ape Yacht Club (BAYC) NFT was the victim of OpenSea’s stolen items policy. FranklinIsbored, the sixth largest BAYC holder, pointed out that one of his collections had been marked for suspicious activity after hackers tried to exploit the policy.
He adds that it’s not the first time he alerted the OpenSea team. He was notified on Jan 20, about how he couldn’t sell one of his NFTs. When this was publicized, ApeCoin (APE) became the top smart contract token used by ETH whales.
Monkey see monkey do?
APE price has shown bullish signs by a 15% upswing for the past week, despite the negative occurrence. The volume, in support of the rally, has recorded buyers taking an interest in APEs. The EMAs form a bullish crossover (green circle) as all of them lay below the current price of $5.80. The OBV marks an uptick, reflecting the pressure in the market to be positive.
The CMF slips closer to the baseline to show prices facing resistance near $6. The MACD showed that the buyers in the market controlled APEs. However, the sellers were on their toes as the gap in the divergence was narrow. RSI holds a spot in the overbought zone, reflecting a bullish momentum unless the buying power falters. Since the indicator is in the overbought zone, there is a possibility of a price reversal.
The peephole
The smaller time frame suggests that the price rise has met with the sellers sitting at the higher altitudes. The CMF rests close to the zero mark showing the chances of price reversal. The MACD recorded buyers’ regimes followed by sellers pulling the market. The RSI oscillates in the upper half of the region, indicating residual buyer influence.
Conclusion
Although the APEs went through a lot in the past week, the prices signaled bullish signs. The price rally and bullish indicators show the prices are ready to rise. Present price level (at press time) may face resistance near $6, and retrace temporarily, but can surge to higher levels.
Technical levels
Support levels: $4.47 and $2.88
Resistance levels: $6.00 and $7.58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
