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- 1 Apecoin has observed a surge of inflow volume of about 400% from May 9th to May 11th
- 2 APE technical indicators are favoring a bearish move in price.
- 3 APE token price has observed a drop of 3.85% in the intraday sessio
Apecoin is an ERC-20 governance token used within the APE ecosystem. It is used to incentivize the APE community members and also vote on the governance proposals.It is inspired by the yuga labs BAYC project. Apecoin has a total supply of 1 Billion tokens of which 36.86% is circulating in the market. Apecoin on-chain data shows that holders can grow increasingly unwilling to sell due to unrealized losses. The number of addresses that are in profit is 3.97k.
Meanwhile, the majority of addresses are currently at a loss. The number of active addresses on the APE ecosystem has also observed a rise in the past few days. The perpetual swap OI of APE has observed a decline in the last two days. The OI is currently near $149.61 Million with the highest being on Binance and Bitmart.
Meanwhile, the number of transactions in the ecosystem has also seen a slight rise.
APE has a market cap of $1.17 Billion and is ranked 49th in the crypto-verse. The overall sentiment of Apecoin on social networks is neutral. The V/M ratio of APE suggests a bearish trend.
Will APE Hit $3 Before A Rebound?
The weekly technical chart of Apecoin suggests a bearish trend in price. On the daily chart, it is trading near the value of $3.16 with a small drop in the intraday session. The correlation between the APE and ETH is near 0.76 but may see a surge in the future. APE is trading in a downside parallel channel and may push the asset price to a new low.
The upside trend of Apecoin price can see a halt near the value of $4. Meanwhile, the downside trend of APE price can observe a bounceback near $2.8. APE price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price to a new low.
The RSI of APE is near 20 suggesting its presence in the oversold zone. There is a strong downside slope in it which hints toward a bearish momentum.
Summary
Apecoin has been seeing a strong surge in the inflow volume from the past few days. APE is in a downside parallel channel and can observe a new high in the future.
Technical Levels
Major Support:$2.8
Major Resistance:$4
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.
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.
