Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- ApeCoin halted prolonged losses with a 15% bounce off the $1 value degree.
- Nonetheless, the rise in provide on exchanges may set off one other promoting wave.
ApeCoin’s [APE] bearish downtrend bottomed out after bulls discovered assist at $1. This got here after a interval of sideways value motion in September.
Learn ApeCoin’s [APE] Worth Prediction 2023-2024
The 15% bounce off the $1 assist degree noticed ApeCoin buying and selling at $1.25, as of press time. It stays to be seen if consumers can mount a sustained reversal as a result of closely bearish market construction of APE.
Can APE reverse losses?
Supply: APE/USDT on Buying and selling View
A steep decline in NFT curiosity together with market circumstances noticed APE’s value plunge from $6.4 to $1 in 2023 alone. Nonetheless, its latest value motion prompt a possibility for bulls to reverse the losses.
The inflow of sturdy shopping for stress on the $1 value zone noticed the Relative Energy Index (RSI) transfer from the decrease vary to the higher vary. The RSI briefly touched the overbought zone earlier than a slight pullback.
Together with the RSI, the On Stability Quantity (OBV) surged from lower than one million to 32 million throughout the previous 5 days. This signified an enormous enhance in transaction quantity, with bulls roaring again to life.
As such, consumers can goal positive factors at $1.4 to $1.6. Nonetheless, sustained bullish momentum for ApeCoin would require flipping the $1.7 resistance to assist.
Is that this a brief pullback earlier than one other value dip?
Supply: Coinglass
How a lot are 1,10,100 APEs value right now?
On-chain information from Santiment revealed that sellers may very well be trying to flip the narrative of the latest bullish rebound. Whereas the 30d Market Worth to Realized Worth (MVRV) ratio was constructive at 4.35%, the Provide on Exchanges was equally on an uptrend.
This signaled that near-term holders have been sitting in earnings and will money in on these earnings quickly, which may stifle the bullish rebound and take ApeCoin again to the $1 vary.