The Rise of a  Morning Star in ARB Price?

Apecoin is a cryptocurrency that was launched in 2020 by the creator of Yuga Labs. It is an ERC-20 governance token within the APE governance ecosystem. Apecoin is the governance token of the APE ecosystem. It allows holders to participate in the Apecoin Dao. Apecoin Dao Members make decisions regarding ecosystem funds, allocations, and many more. There are over 120671 APE holders of which very few are actively participating in the market.

APE daily transfers have been on the decline for the past few months. The number of APE daily active addresses has reached 2,925 as per Dune Analytics. Meanwhile, on the analysis of the total holders of Apecoin, it can be seen that the addition of new addresses has observed a decline. 

There have been no significant changes on the total transactions on the Apecoin ecosystem. The ecosystem has a treasury deposit of $19.75 Million which has remained the same in the past few weeks as per DefiLama.

Apecoin has a market cap of $1.11 Billion and is ranked 40th in the crypto-verse. The volume of asset prices has seen a slight dip in the ecosystem. The V/M ratio of APE suggests a consolidated trend in price.

Is APE Price Heading Toward $2 Mark?

The weekly technical chart of Apecoin suggests a consolidated trend in price. On the daily chart, it has been moving in a bearish momentum. APE price is currently near $3.21 with a small drop in the intraday session. The upside trend of Apecoin can see a halt near the value of $4. Meanwhile, the downside trend of APE can observe a bounceback from $3. The asset price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the EMA which can push the price down further below.

The RSI of Apecoin is near 32 with no observable slope in it. The overall sentiment of the RSI is neutral.

Summary

APE Dao has recently approved a proposal to boost the Bored Ape NFT. APE price is currently in a bearish momentum but can see a new high in the future.

Technical Levels

Major Support:$3

Major Resistance:$4

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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