The exchange order books chart depicts the price distribution of the total buy/sell orders for an asset, across various crypto exchanges.
Currently, Apecoin market demand exceeds supply by nearly 500,000 APE. This a clear indication that the bulls are in the driving seat. Logically, when demand for an asset exceeds supply, the relative scarcity puts upward pressure on price as sellers compete to get their orders filled quickly.
In effect, many buyers may be inclined to raise prices towards the bull’s average asking price of $1.95 in the days ahead.
Apecoin Price Prediction: Possible Breakout Above $1.95
From an on-chain perspective, the rising number of long-term investors, and growing demand in the Apecoin spot markets will likely drive price toward $2.
The Global In/Out of the Money (GIOM) data, which groups the current Apecoin investors according to their entry prices also confirms this prediction.
It depicts that 19,110 addresses had bought 72.8 million APE at the minimum price of $1.96. If those investors exit early, they could trigger an instant Apecoin price correction.
However, scaling that initial sell-wall could open the door to Apecoin price reclaiming $2 for the first time since August.
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