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- Apecoin’s recent proposal was rejected by the DAO community.
- APE price ready to face resistance due to rejected proposal.
Apecoin recently proposed to add two new NFT collections, but it was rejected by the DAO community, hinting at a price reversal for APE. The proposal put forward, offered to create two NFT collections called the Multi-link Ape Coin Armory Club and the Ape Coin Pet Club. Both NTFs would have consisted of 20,000 unique tokens each, and aimed to further expand its reach in the NFT segment.
The proposal made by Apecoin to its members was rejected by 84% of its delegates. If the proposal were approved, it would have cost around $168,000, and brought two new NFT collections to life. The multi-link characteristics of the proposed NFT project aimed to successfully connect Apecoin to the metaverse through different metaverse projects. With the detailed proposal being rejected, it might negatively affect APE price.
The Pictorial
APE price formed a consolidation channel which hinted at a breakout, but the present rejection may result in price breakdown. The price may test the support near $3.90 following the projected bearish trend. The highly volatile trading volume suggests market sentiments are not clear yet. A flat laying OBV suggests a market situation responding late to the rejected proposal. The EMA ribbon projects possibilities of a bearish crossover. If the predicted crossover occurs, it may set APE price in a strong bearish trend.
APE price moves sideways and marks a static market. The CMF floats below the baseline to suggest ongoing as well as approaching bearish trend. The MACD diverges under weak bullish influence and records minimal buyer action. The RSI drops slightly back to the seller dominant zone. Present RSI of 48.08 suggests gradually dropping to seller’s control.
The Peephole
APE in the smaller time frame suggests forming a prolonged consolidation and a long sideways movement. The price rise is facing constant rejection. The CMF falls indicate arriving bears, which can intensify after a few days. The MACD tangles and forms a dilemmatic cross, showing a kind of neutral market. The RSI drops to the lower half and indicates increasing seller dominance.
Conclusion
APE price may suffer due to the rejected proposal. The Apecoin presented its DAO with a proposal to introduce two new NFT collections with 20,000 unique tokens each, but was rejected by the DAO with more than 80% votes in against. The price may suffer from overpowering bears and result in a breakdown. Holder can look for APE price testing the support near $3.90.
Technical levels
Support levels: $3.90 and $3.60
Resistance levels: $4.55 and $5.13
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
