Apes meet the bulls- prices rally as bulls takeover

One out of 41 AIPs got approved.
MVRV ratio and active addresses of ApeCoin rises.
Horizon labs is set to launch pre-deposit for APE staking on 5 december

ApeCoin (APE) recently disclosed the recent development that occurred in its ecosystem. ApeCoin expanded on its APE Improvement Proposals (AIP). According to the disclosure, there were 41 AIPs in process, and 9 new thoughts were submitted, out of which 1 got approved.

Last week, there were 41 AIPs in process. Since then…
-9 new AIP Ideas were submitted
-1 AIP was approved by the community
-1 AIP was rejected
-1 AIP was withdrawn
For a total of 47 AIPs in process today.
— ApeCoin (@apecoin) November 30, 2022

Recently, Horizon Labs gave its update by confirming the pre-deposit for ApeCoin staking will be available on 5 December. This news has influenced the token price, as it witnessed an inundation of new demand to accelerate network growth. It showed that investors are accumulating the tokens way earlier than 5 December for maximum yields on their stakes.

GM $APE fam,
We want to remind the community that one of the benefits of decentralized finance is that anybody can interact with a smart contract, or develop clients and interfaces that allow users to interact with smart contracts. https://t.co/qqZX0D5tgE
— ApeCoin (@apecoin) November 24, 2022

The price tale

The price forms an uptrend for the token gains investor attention. It penetrated the 20-EMA way earlier and recently claimed the 50-EMA before dipping slightly. The trend aims to send the token to a price level of $5 and mark a strong bull market. The trading volume also displays that the buyers are more active in the market and are purchasing tokens in bulk to reap high profits in the near term.

The APE price rally sends the CMF indicator to rise to higher ranges and strictly perform in the region above the zero-mark. The MACD indicator diverged to turn bullish and record buyers’ action in the market. The RSI indicator plunged before dropping back to the neutral bound. All these rises are not the final surges. They would take a step back before the final launch to the moon.

The closer window

In the smaller time frame, the CMF indicator drops below the zero mark but slopes up, indicating a future rise. The MACD indicator reaches the stage of convergence as the bearish swing ends, to turn bullish again. The RSI indicator moves closer to the 50-mark sideways, taking support and planning to rise with the uptrend to reach the edge. The accumulated results of all indicators show the price will rally soon with great momentum.

Conclusion

The token entices high user attention, and the current exposures lift it further. The ApeCoin was already the talk of the town as it was already related to many celebs like Snoop Dog, Justin Beiber, Jimmy Fallon, Madonna and many more, which tossed this token among non-crypto fans. Now it tempts crypto maniacs as well due to the new staking announcement. APEs are all ready to rule.

Technical levels

Support levels: $2.835 and $1.800

Resistance levels: $4.838 and $5.856

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing