Various market indicators and on-chain metrics point to increased selling pressure that could negatively impact the price of popular metaverse coin project ApeCoin (APE). Crypto analyst Tatil Bhuyan evaluates these metrics and their impact on price.
ApeCoin (APE) bearish outlook
cryptocoin.comAs you follow, ApeCoin (APE) is a relatively new cryptocurrency that was only launched in 2021. However, during this relatively short period of time, the metaverse and NFT-based token has taken a roller coaster ride in the crypto market. However, it has also reached new highs while testing the bottoms in the process. Currently, Apecoin (APE) price is trending downwards due to increased selling pressure.
According to on-chain market data, there are verified claims pointing to the ‘0x4BE5’ address transferring close to 463,137 APE via Binance exchange. At the current price, that would cost more than $2.3 billion. This latest APE transfer highlights the possibility of incoming selling pressure with the potential to lower the price of APE in the coming days.
Not only that, even the technical indicators of the APE reveal evidence of a bearish trend as they indicate that sellers are currently in control of the price. As summarized by the moving averages, APE’s technical (TA) indicators offer a sell position suggesting ‘sell’ at level 11 and ‘buy’ at level 5.
Technical indicators for the Metaverse coin are weak
Also, more bearish signs emerged as the relative strength index (RSI) for APE fell below neutral. On the other hand, the decreasing distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA indicates that the bears are preparing to take control of the market. During this period, APE’s stock market entry has also increased significantly multiple times over the past few days, another indication of increased selling pressure.
Additionally, according to Crypto Tony, a cryptocurrency expert, the price of APE needs to turn the $5.35 supply zone into a support level before there is any possibility of longing for the altcoin. This seems to be the only condition in which such a possibility exists.
Currently, the price of Apecoin (APE) is currently trading at $5.29, which at press time represents a 7.65% increase in the last 24 hours as opposed to a 4.50% drop over the past seven days.
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