APE Price: Bears Spark Jitters As Crypto Sell Pressure Mounts

Christian Encila

2 years ago

3 mins read

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With the apes showing weakness, bears swoop in to claw out some gains. According to Coingecko, APE price has lost its aggressiveness since the start of February, with the biggest losses being observed in the weekly time frame at 7%. This suggests that the bears have a significant grip in the ApeCoin market.

However, recent price movements in the crypto market put this thesis into question. Market leaders Bitcoin and Ethereum has remained stable in their current price levels, indicating that the bulls are somewhat gaining ground after the broader market slump earlier this month.

Investors, however, are concerned about several developments that further threaten the token’s future price movement.

Bears Done APE-ing Around … Or, Are They?

Sentiment around the token largely revolved around a recent transfer of tokens to an exchange. Reports show that an address transferred over 436,173 APE tokens to Binance. At the token’s current price of $5.17, the transfer is worth nearly $2.4 million. However, this may not be the work of the bears.

On February 17, the Bored Ape Yacht Club followed through its vesting period and released 7.3 million APE tokens to the market which inevitably put pressure on the token’s price. As of press time, the token released is worth $37.7 million.

The bears, however, might find strength as Pauly Yox, founder of NotNarvaLabs, shared that there are rumors that the US Securities and Exchange Commission will charge Yuga Labs with securities fraud.

Im hearing alot of rumors that the @SECGov is about to charge @yugalabs & @apecoin with securities fraud.

— PAULY (@Pauly0x) February 19, 2023

If the rumors are true, we might see a stronger bear pressure in the markets. The only thing holding back any further bearish movement is the recent price movement of major cryptocurrencies. Bitcoin is up nearly a percent today, with Ethereum gaining 2.5% in the same time frame.

Bulls May Find Support At This Level

After a slight rebound yesterday, the token is currently trading on a red candle as of writing. This might be a sign that the bears still have enough momentum to test the token’s current support at $5.063.

This support level can also leverage APE’s correlation with both BTC and ETH. As it currently stands, the significant correlation between APE and the major cryptos may give the bulls an extra leg up.

Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com

However, investors and traders should remain vigilant in the coming days. A bearish break at $5.063 could trigger a return to $4.4 and $4.2, both of which are supports with no real strength to them. APE bulls should focus on defending the token’s current support.

-Screenshot/Featured image from YouTube

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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