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- 1 Major exponential moving averages support the Ape price.
- 2 The Ape price has displayed a sign of revival as it bounced back from a critical level.
The APE ecosystem is a web3 project that supports various domains such as art, gaming, entertainment, among others. It is based on a decentralized protocol layer that enables community-led initiatives to support culture into the metaverse.
APE token is the native token of this project, and it is governed by the ApeCoin DAO, it is a democratic organization where all APE holders have right to participate and vote on proposals.
Moreover, the Ape Foundation is a separate entity, it handles and administers the DAO each day, also manages proposals, and helps in ensuring the DAO community realizes its ideas. The Ape Foundation board is composed of five strongly prominent crypto investors, who serve for six months each.
In addition, Yuga Labs, the creator of the Bored Ape Yacht Club NFT collection, has a strong relationship with ApeCoin. However, Yuga Labs claims that they are not the primary direct creator of ApeCoin.
Yuga Labs donated a unique NFT to the ApeCoin DAO treasury and it intends to use ApeCoin as the main and primary token for all its future product aspects and services. This means that the value of ApeCoin is directly linked towards the success of the Bored Ape collection as a whole in future.
What 3-Months Ape Open Interest Chart Shows?
ApeCoin (APE) open interest is $77.86 Million, as per Coinglass, which analyzes crypto data, this showed a 17.86% surge from the previous session. The long versus short ratio for 24 hours is 0.981, it means that there are more longs than shorts. The total number of short positions added in the last 24 hours is $419.00K against the longs of $241.27K.
The coinglass website shows the Ape futures OI in USD chart. It reveals that the OI generated was low in September and October, and it stayed below roughly 75 Million. The Ape price also lacked momentum and stayed around $1.00. However, in November, the OI increased and stayed mostly above 80 Million. The price also followed the OI and rose around $1.50, highlighting upward momentum.
Therefore, if more OI is generated in Ape, there could be another spectacular rally. This could pierce through the resistance and climb to new levels.
Let’s Explore What Volume Has to Demonstrate On Chart
The APE chart shows the relationship between Ape volume and its price. The chart reveals that the asset volume and its price, both were low in September and October. This indicated a lack of interest and activity in the market. Volume was mostly below $80 Million, and the price was around $1.00.
However, in the last week of October, the volume and the price continued to thrust upwards, signaling a surge in demand and excitement in the APE price. The volume reached above $80 million, and the price rose around $1.50.
Lastly, the Ape volume chart indicates that its volume and price have been stable in November. This shows that the Ape market price has reached a balance between buyers and sellers as of now. The chart further implies that the APE volume and the price need another trigger to break out of this range.
What Ape Price Chart Highlights
The APE price zoomed from November 2022, rising higher and higher, generating new peaks and valleys along the way. It displayed a phenomenal 2x growth in the crypto price by January 2023. However, it dipped as investors cashed it out and later, found support at around $1.0, by october 10th.
However, the Ape price has displayed a sign of revival as the crypto price bounced back from a critical level of around $1.0 on the charts.
Furthermore, it seems like the crypto is on the verge of a clear breakout, as it is gathering momentum to shatter the hurdle from the current base zone.
Therefore, if buyers sustain the pressure, Ape price might surge strongly from current level. The possible target is $2.00. On the contrary, if Ape fails to hold its grip and breaches the $1.25 level, it may fall further.
Technical Levels
Support Levels: $1.25
Resistance Levels: $2.00
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
