ApeCoin comes with a box of surprises – price reacts to new launches

• ApeCoin revealed new updates regarding AIP.
• It recently published its latest transparency report.
• The native coin APE may rise by mid December.

The APE community recently revealed new updates regarding its APE Improvement Proposals (AIP) which were the recommendations to improve the network. According to this update, there were 47 AIP in the process last week, with seven new AIP ideas submitted and 1 AIP withdrawn since then. It also released its transparency report, which brought out APE balances, inflows and outflows, and grants that were allocated, paid, and remain. As per the report, the APE foundation holds APE 470 million in its treasury, over half a million in accounts payable, and APE 181 million reserved for services and grants. Further, Horizon labs partnered staking, which was initiated recently, hyped the APE coin sending it on a bull run. This news release works like a charm for the APE coin as the price plans to surge. 

Here’s what the charts tell

The price plans to surge, taking support of the updates and the staking process, aiming to reach the $7.5 price level. The volume diminishes while the OBV escalates, forming the bullish divergence, which holders can hold on to in the future. The price floats above the 20-day and 50-day EMAs and may soon reach 100-day EMA and 200-day EMA if it surges as planned. The price may reach and hold at $7.5 as it has been tested several times as a resistance (red circle), after which the price took a downturn. 

The CMF indicator performs above the zero line, for the price action is transforming the APE market to bullish one. The MACD recorded a long thread of buyer bars with the lines penetrating the baseline. The RSI indicator holds a spot closer to the neutral range, but does not fall down the half line and may rise from here. 

The peephole 

The price rises subtly to gain momentum for the future price rally. The RSI lays low near the half line but slopes up to hint at active buyers entering the market. The MACD indicator has converged to end the sellers’ rule and genesis of the buyer sway. The CMF indicator slopes up, breaching the baseline to mark the up trail. 

Conclusion

The market may witness an investor crowd, as is expected by the market maniacs referring to the hype the APE coin faces after the news surfaced. It may undergo a breakout where it may gather all the fame that is calculated and may reap happy returns to the holders.

Technical levels

Support levels: $2.787 and $1.012

Resistance levels: $5.886 and $7.613

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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