ApeCoin Prices Dip by 3.42 % Despite Launch of ApeCoin DAO Marketplace By CoinEdition

ApeCoin Prices Dip by 3.42 % Despite Launch of ApeCoin DAO Marketplace
  • Despite the debut of the ApeCoin DAO marketplace, the price of APE has dropped recently.
  • According to an ApeCoin study, the value of the crypto is rapidly declining.
  • Based on indicators, bears will continue to dominate the APE market.

Snag Solutions officially launched the ApeCoin DAO marketplace in an effort to boost transactions, however, bears were able to manipulate the market and lower the price of ApeCoin (APE) by 3.42% to $3.21 as of press time.

The decrease in APE market capitalization, which fell by 3.55% to $1,160,148,326, and the 24-hour trading volume, which decreased by 48.94% to $100,070,781, both of which indicate that the market is under rising selling pressure, support this bear control domain.

24-hour price chart (source: CoinMarketCap)

Investors’ hopes for an uptrend are dimmed by the True Strength Indicator’s (TSI) downward movement towards negative territory and below the signal line, which indicates that bear domination is likely to continue. The signal line is reading 12.3814 while the TSI is reading 9.9358.

The OBV and price form shorter peaks and troughs, suggesting that the slump will probably persist. The OBV line, which is at 105.349M and is moving southward, indicates that selling volume is outpacing buying volume and that the bearish trend in APE prices will prevail.

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The Average True Range (ATR) line, which has a reading of 0.126, shows that Apecoin’s (APE) volatility is dwindling. Additionally, this ATR fluctuation is a cautionary signal to traders to exercise caution in the near future.

APE/USD 4-hour price chart (source: CoinMarketCap)

The Money Flow Index (MFI) favors bulls when it is over 50 and bears when it is below 50. The MFI reading of 51.76 and the arrow heading south on the APE 4-hour price chart, therefore, suggest that the bears will maintain control of APE, but since it is not below the “50” zone, a turnaround is possible, offering investors some solace.

The Relative Strength Index (RSI) has a reading of 47.74 and is pointing south, signaling greater bearishness as it approaches the oversold level of 20. The recent market is expected to continue since selling pressure in APE is growing.

APE/USD 4-hour price chart (source: CoinMarketCap)

As bulls have run out of steam over the past 24 hours, the bearish trend in ApeCoin (APE) is expected to continue.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss

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