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- 1 The Apecoin price breaks below the key moving averages, showcasing bearishness on the technical chart.
- 2 APE crypto price is down by almost 21.97% in a week as bears took control of the price.
ApeCoin is an ERC-20 token that fuels the collaborative and incentivized ecosystem of APE, which is at the cutting edge of web3 development.
The token holders of ApeCoin exercise self-governance through a decentralized framework that steers the ApeCoin DAO. They have the authority to cast votes to determine the allocation of the DAO’s Ecosystem Fund. Meanwhile, the APE Foundation is tasked with implementing the decisions ratified by the ApeCoin community.
APE Crypto Price vs Volume Analysis
The graph indicating the volume and price of trading shows a decrease in volume over the past few days, with a corresponding decrease in price. The price has shown a significant decline over this period, leading to an expectation of further decline in upcoming sessions.
APE Crypto Social Dominance vs Social Volume.
The social dominance and social volume graphs indicate an upward trend in both metrics over the last few months. This increase has had a positive effect on the price. Additionally, changes in social and volume dominance may influence any potential momentum in the APE price.
Technical Analysis of ApeCoin Crypto Price
Selling pressure was observed on the Apecoin crypto charts, and the trend was a downtrend, forming lower lows over the past few months. Additionally, trading volume was below average due to decreased investor appeal.
Moreover, user activity for APE crypto experienced a decline, which further added to the negative sentiment for the crypto and fueled bearishness in the charts.
At the time of publishing, APE crypto (USD: APE) is trading below the 50 and 200-day EMAs (Exponential moving averages), which do not support the price trend.
The bearish trend has been ongoing, and the crypto is currently in a corrective phase, making potential buyers cautious. In addition, the APE crypto trades are below significant moving averages and are attempting to attain the 200-day EMA to hold on to their gains.
Summary
APE price prediction stays bearish for the long term till it trades below key EMA levels. However, if buyers support the price, it may bounce back. The technical analysis suggests that the Apecoin crypto price is inside the sellers’ grip. However, buyers may try to push the price toward the upper level if the overall market recovers.
Technical Levels
Support Levels: $0.999.
Resistance Levels: $1.716.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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.
