- The Apecoin has been moving higher gradually and indicating the higher-highs and higher-lows formation.
- The APE Token price is trading lower by the 20-day moving average in terms of the hourly price chart.
- The APE token concerning the Bitcoin pair is trading at 0.0002991 Satoshis, which appears to be negative.
APE is the governance token of ApeCoin DAO, a community-led organization that manages the Bored Ape Yacht Club (BAYC) ecosystem. BAYC is one of the most popular non-fungible token (NFT) projects, with a market capitalization of over $3.6 billion as per the coinglass .
Nearly 66% of all APE futures traders were short, or the recently issued token, betting against higher prices. All of these accounted for $2.80 million in losses, while $1.45 million in gains were for traders who were long, or were betting on higher prices.
APE token’s price action:
Apecoin has seen a double bottom formation in the context of the daily price chart and the buyers are taking advantage of this bullish opportunity. However, at the time of writing, according to Tradingview, it appears to be slightly bullish by 1.5% at $14.24. Thus, the APE/BTC pair is trading with a decline of 5.3% at 0.0002991 Satoshis.
Despite the bullish momentum, intraday trading volumes are indicating low liquidations for Apcoin. Hence, the coin is down 19% last night. Meanwhile, the volume to market capitalization ratio is 0.2828. Bulls need to break yesterday’s swing high ($15.50-level) for short-cover.
In terms of the hourly price chart, the Super trend indicator is expanding with redzone (selling indication).
The 20-day moving average is trading above APE Token’s current price on the hourly price chart. But on the other hand, on the 4-hours price graph, buyers are defending the price above it.
The Stoch RSI is looking in overbought territory on the 4-hours price graph and it is poised to reach the sky zone on the hourly time frame.
The Average Directional Index (ADX) appears to be flat at 25, indicating short-term bullish momentum for Apecoin.
Conclusion
Investors new to cryptocurrencies may find ApeCoin a great return coin. There are low liquidations, which means the coin isn’t moving much, but buyers should wait until they have a better opportunity. It is difficult to make further price predictions without technical indicators, but prices are likely to rise sharply above the all-time high of $18.
Support level- $10
Resistance level- $18
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.