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- 1 APE coin whale activity has seen a spike suggesting an upcoming rise in the future.
- 2 APE price is currently consolidating near 50 DMA.It has seen a drop of 4.2% in the ETH pair.
Apecoin is an ERC-20 governance token that is used within the APE ecosystem. Apecoin provides access to certain parts of the ecosystem which should be unavailable by others users like events. APECOIN’s total payment through the opensea is around $20,053,050.APE has also been observing a huge spike in whale activity. APE total holders have been rising steadily and have reached $116,484. APECOIN has a total circulation of 1 Billion tokens and has 37% of it is in circulating supply. The tokens are distributed in 4 major groups which are 62% to the ecosystem fund, and 16% to Yuga labs and charity. The next 8% and 14% are distributed among BAYC founders and Launch contributors. APE Correlation with ETH has been seeing a surge in the past few days and is near 0.93. The increased correlation will help in a bullish rally for the APE.
Apecoin has a market cap of $1.6 Billion and is ranked 38th in the crypto-verse. The volume of the asset price has seen a drop of 19% in the intraday session. The volume-to-market cap ratio of APE hints toward consolidation in price.
Is APE Ready For A Bull Run?
The weekly technical chart of APECOIN hint towards a struggle between the bulls and bears. It has been observing a consolidated momentum in the daily chart.APE is currently trading near the value of $4.4 with a drop of 2.5% in the intraday session.The upside trend of APE can observe a halt near the value of $5.Meanwhile the downside trend in the asset price can see a bounceback from $4.It is trading below the 100 and above the 50 Daily Moving Average. There can be a positive crossover in the future which can push the asset price to a new high in the future.
RSI of APE is near 57 hinting its presence in the overbought zone.There is a weak downside slope hinting towards a weak downside trend.
Conclusion
APE has been seeing a huge spike in whale activity and can see a new high in the future. Apecoin is currently observing a consolidated trend but can observe a strong trend in the future.
Technical Levels
Major Support:$4
Major Resistance:$5
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
