In an effort to increase transactions, Snag Solutions officially opened the ApeCoin DAO marketplace. However, bears were able to manipulate the market and drive down the price of ApeCoin (APE) by 3.42% to $3.21 as of press time.
This bear control domain is supported by the decline in the APE market capitalization, which fell by 3.55% to $1,160,148,326; and the 24-hour trading volume, which fell by 48.94% to $100,070,781. Both metrics show that the market is experiencing increasing selling pressure.
24-hour pricing chart for APE/USD (source: CoinMarketCap)
The True Strength Indicator’s (TSI) downward slide towards the negative territory and below the signal line, which suggests that bear dominance is likely to persist, dampens investors’ prospects for an advance. The TSI is reading 9.9358, but the signal line is reporting 12.3814.
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The shorter peaks and troughs of the OBV and price indicate that the collapse will probably last. The OBV line, which is at 105.349M and is sloping downward, shows that selling volume is outperforming purchasing volume and that the downward trend in APE prices will continue.
The value of 0.126 on the Average True Range (ATR) line indicates that Apecoin’s (APE) volatility is decreasing. This ATR variation also serves as a warning indicator for traders to be cautious in the near term.
4-hour pricing chart for APE/USD (source: CoinMarketCap)
When the Money Flow Index (MFI) is greater than 50, it supports bulls; when it is lower than 50, it favors bears. As a result, the MFI reading of 51.76 and the arrow pointing south on the APE 4-hour price chart indicate that the bears will continue to rule APE. However, because it is not below the “50” level, a turnaround is still conceivable, giving investors some comfort.
As it approaches the oversold level of 20, the Relative Strength Index (RSI), which has a reading of 47.74 and is pointing south, is signaling greater bearishness. Since selling pressure in APE is increasing, the recent market is anticipated to continue.
4-hour pricing chart for APE/USD (source: CoinMarketCap)
The 24-hour bearish trend in ApeCoin (APE) is anticipated to continue as bulls have lost pace.
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