- Apecoin is currently on a path for a sell off for upcoming days.The asset price is currently trading near $6.24 with a drop of 3% in the intraday session.
- Technical indicators of the APE are not favoring the bulls. Meanwhile, APE/BTC pair has seen a loss of 0.17% in the intraday session.
ApeCoin is an ERC-20 governance token used within the power to empower and incentivize a decentralized community..ApeCoin holders govern themselves via the decentralized governance framework. They also control the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used.
The current market cap of the Ape coin is $1,918,176,832 and is ranked 36th in the cryptoverse. The volume of the asset has seen a fall of 17% in the intraday session. Meanwhile the ratio of Market cap to volume suggests a consolidated momentum in the price.
Is A Selloff In ApeCoin On Its Way?
The weekly technical chart of the Apecoin suggests a consolidated momentum in price. On coming to the daily chart the asset price is showing a downside trend. APE price has breached below the 50 DMA and is below the 100 DMA. The upside momentum of ApeCoin may see a threshold near the value of $9. Meanwhile, on the downside trend the asset price can see a bounceback near $5. Various analysts are predicting an upside momentum in price in the future.
RSI: RSI of the asset price is near 45 suggesting its presence in the oversold zone. There is a negative slope formation in the RSI which suggests a downside trend in price. The overall sentiment of the RSI is neutral
Conclusion
APE has been the most talked crypto asset in the recent times. Meanwhile it is currently struggling to break above a given threshold. One should do their due diligence while investing in the market.
Technical Levels
Major Support: $5-$5.5
Major Resistance: $8-$8.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.