- 1
APE price plunges by 5% intraday. - 2
The downtrend has marked a drop of 33.44% in the past three months. - 3
Otherside celebrates its birthday with Yuga Labs.
After hiring the new CEO and now a new CTO, Bored Ape Yacht Club and Otherside can bring several revolutionary changes to the Ape world. The new Chief Technology Officer (CTO), Mike Seavers, has been a gaming industry veteran, and has worked with Riot Games and Epic Games. His major contributions were in product development across platforms like League of Legends, Fortnite, and Valorant.
Now with the Chief Officers working in the ecosystem, Otherside metaverse will certainly have exciting developments in the metaverse and NFT world. In light of the new board and Otherside celebrating its birthday, APE price was expected to rise, but instead the price was pushed further down by the market sellers.
Ape Army Not Invited?
APE price falls by about 5% after facing rejection and continues the downtrend. The downward movement began in January and has fallen more than 33% since. The volume suggests a seller dominant market during the downtrend as the sellers create pressure and push buyers out of the market. The current price action occurs below the EMA ribbon, indicating a bearish swing.
The Bollinger Bands widen slightly to reflect the recent fall in prices. The OBV matches the price movement indicating an unfavorable market for Apecoin. The current price action occurs in the initial level of Fib retracement and after a successful testing of the support near $3.775, APE price can reach higher levels.
In the Recent Hours
In the smaller time frame, APE price displays a staggered fall pattern. Super Trends show a choppy downtrend as falling prices encounter buyers at lower levels. The CCI suggests a narrowing negative gap between historical prices and APE price at press time. The MACD undergoes a bearish divergence and records tall seller bars in the region below the zero-histogram mark. The RSI abruptly falls near 30-range and reflects sellers dominating the market, creating pressure over the buyers Apecoin.
Conclusion
Apecoin displays negative sentiments on the occasion of Otherside celebrating its birthday, along with veterans from the gaming industry comprising the new board. The downtrend in Apecoin denotes overpowering sellers ruling the market. The price, on successful testing of primary support can try to establish a bullish momentum. The holders of APE can rely on support near $3.775.
Technical levels
Support levels: $3.775 and $2.875
Resistance levels: $4.510 and $5.160
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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/2023/05/01/ape-price-prediction-apecoin-falls-before-otherside-birthday/