- APE price drop resulted in token accumulation.
- Prices fell by 9% in the last 7 days.
- New proposals came in for round 3 for APE DAO funding.
Apecoin (APE), has experienced selling pressure for the past few days. Surprisingly, the monkey-men have accumulated the dip and the stats reveal that APE’s buying and staking has risen for the past month. APE prices have fallen by about 9% in the past 7 days. Despite the downtrend, there remains a possibility of a trend reversal as the dip-buyers may uplift the prices.
Meanwhile, two new proposals were received for the third round for funding Meebits Prop House. Meebits Prop House is being funded by Apecoin and it invites fans to offer their idea of proposals. The invite also extends the opportunity to win a 5000 APE worth grant from the DAO.
The pictorial
The APE prices have witnessed a fall by nearly 9% for the past few days. The volume has declined indicating less interaction by the investors. The OBV goes flat to hint at situations to be under control, and a trend reversal is possible. The EMA ribbon has formed a golden cross (green circle), but the prices did not behave accordingly, the coming trend may take its effect into consideration.
The CMF saw an uptick suggesting an approaching uptrend in prices. The MACD recorded sellers as the lines diverged, which now move to converge and form a positive cross. The RSI moves parallel to the 50-mark showing neutral market conditions.
The Peephole
The smaller time frame suggests prices to steadily rise taking support near $5.00. The CMF, under the zero-mark, rises up with an aim to enter the positive range and mark the bull trend. The MACD records ascending buyer bars, while the lines undergo a positive cross. The RSI moves around the half line to show declining selling pressure and improvement in buyers’ interest.
Conclusion
The APE community has accumulated the token in the bearish trend. The current market situation shows the possibility of bulls arriving and setting up a high run. The uptrend may test resistance near $6.50, and might require stronger thrust to break out of it.
Technical levels
Support levels: $4.50 and $4.00
Resistance levels: $6.50 and $7.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/13/ape-army-buying-the-dip-prices-down-now-but-may-go-up/