ApeCoin flashes bullish rebound signs but there’s more to the story

by ChainChirp
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Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

  • ApeCoin halted prolonged losses with a 15% bounce off the $1 worth 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 worth motion in September.

Learn ApeCoin’s [APE] Value 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 patrons can mount a sustained reversal because of the closely bearish market construction of APE.

Can APE reverse losses?

Apecoin APE price chart on dark background

Supply: APE/USDT on Buying and selling View

A steep decline in NFT curiosity together with market situations noticed APE’s worth plunge from $6.4 to $1 in 2023 alone. Nonetheless, its current worth motion recommended a possibility for bulls to reverse the losses.

The inflow of sturdy shopping for strain on the $1 worth zone noticed the Relative Power 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 1,000,000 to 32 million throughout the previous 5 days. This signified an enormous enhance in transaction quantity, with bulls roaring again to life.

As such, patrons can goal beneficial properties at $1.4 to $1.6. Nonetheless, sustained bullish momentum for ApeCoin would require flipping the $1.7 resistance to assist.

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Is that this a brief pullback earlier than one other worth dip?

Supply: Coinglass

How a lot are 1,10,100 APEs price at this time?

On-chain knowledge from Santiment revealed that sellers could possibly be seeking to flip the narrative of the current bullish rebound. Whereas the 30d Market Worth to Realized Worth (MVRV) ratio was optimistic 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.

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