Apecoin Weakens Grip In Last 30 Days – Should Investors Get Worried?

Christian Encila

Last Updated: August 25, 2023 7:24 am

3 mins read

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Apecoin (APE) finds itself in turbulent waters as the once-promising gaming token experiences a precipitous decline, marking a 30% drop in the last 30 days, despite the efforts of bullish investors to shore up its value,

APE has plummeted well below the $1.70 support level, raising concerns of a potential free-fall that could see its value revisit the abyss of $1. Currently trading at $1.41, according to CoinGecko, APE has faced a 6% decline in the past 24 hours and a 7.2% loss over the last seven days.

APE price action today. Source: Coingecko

This pivot may be contingent on Bitcoin’s performance, particularly its ability to reclaim the price range between $28,000 and $30,000 in the long term.

Challenges Ahead: Bearish Momentum Grips Apecoin

Without a swift change in sentiment, Apecoin holders might find themselves trapped in a downward spiral with no visible bottom. The Relative Strength Index (RSI), a key indicator of market momentum, recently attempted a reversal but was quickly thwarted, driving the index back into the oversold zone. This retreat underscored the persistent selling pressure that has hindered APE’s attempts at a price recovery.

Since April 2023, the market has been dominated by bears, as each attempt by buyers to establish a support level has been met with subsequent losses. The sustained downward pressure has curtailed any bullish initiatives, leaving APE’s future uncertain.

APEUSD trading at $1.41 today. Chart: TradingView.com

Whale Activity Raises Questions Amid Bleak Outlook

Amid the prevailing bearish sentiment, a notable development has emerged in the Apecoin (APE) ecosystem. A report citing data from LookOnChain reveals substantial activity from a significant APE whale, Machi Big Brother, starting from August.

The whale, making purchases totaling 1.51 million APE tokens, equivalent to a staggering $3.09 million, executed these transactions on Binance.

Machi Big Brother’s substantial investments might indicate confidence in Apecoin’s future prospects. However, the larger sentiment surrounding APE tells a different story. As of August 17, prevailing sentiment remains bearish, with analysts projecting a potential decline in APE’s value to $1.36 by September.

Apecoin MVRV down for the month. Source: Santiment

Meanwhile, Santiment’s data revealed an interesting statistic. Apecoin investors have suffered significant losses, with the Market Value to Realized Value (MVRV) ratio falling by -15.90% and -25.49% for monthly and quarterly holders, respectively.

Apecoin finds itself at a critical juncture, grappling with intense bearish pressures that have led to a significant erosion of its value. As market sentiment remains uncertain, all eyes are on both Bitcoin’s performance and APE’s ability to shake off the shackles of bear dominance and regain its foothold in the volatile cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from UnSplash

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.