Over the past day, the Apecoin (APE) price was initially driven down by bears but found support at $3.22, leading to a subsequent market takeover by bulls. The bullish momentum, however, was short-lived as bulls failed to break above the $3.39 24-hour high. As a result, bears reclaimed control of the APE market, resulting in a 1.91% drop to $3.23 at press time.
The market capitalization of APE fell by 1.87% to $1,191,726,506, while the 24-hour trading volume increased by 131.97% to $98,311,423, indicating that traders are still actively trading APE despite the recent decrease.
The drop in market value could be ascribed to the bears regaining power, which may have prompted some investors to liquidate their positions. However, the surge in trading volume implies that many traders still believe in APE’s long-term potential and are taking advantage of the slump to buy more shares.
APE/USD 24-hour price chart (source: CoinMarketCap)
The Moving Average Convergence Divergence (MACD) on the 2-hour price chart is in the negative region and below its SMA line, indicating that APE bearishness may persist in the short term. Selling pressure in the APE market has increased since the histogram entered negative territory.
The Know Sure Thing (KST) reading of -26.9359 indicates that the APE market is now oversold and may recover. This movement and the increased trading volume suggest that some investors may be attempting to capitalize on the oversold conditions.
APE/USD chart (source: TradingView)
A rating of -145 on the Elder Force Index (EFI) shows that negative momentum in APE is high, indicating that sellers control the market and drive prices lower.
Since the trend will likely continue, traders and investors should be cautious when opening new positions.
The MFI rating of 33.93 indicates that bearish sentiment in APE is increasing as purchasing pressure has dropped, and selling pressure has increased. As the APE nears the oversold level of 20, it may indicate a potential buying opportunity for traders hoping to enter the market at a reduced price.
APE/USD chart (source: TradingView)
As bears reclaim control of the APE market, traders should be cautious before entering new positions. However, the oversold conditions may present a buying opportunity for those willing to take the risk.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
