What you need to know as ApeCoin prepares for another token unlock

• ApeCoin will unlock 15.6 million APE tokens on November 17.
• The APE market continues its upward trend, despite the slight decline in price in recent days.

Two months after unlocking 40.60 million tokens, ApeCoin is scheduled to hold another token unlock event on November 17.

Realistic or not, here is the market capitalization of APE in terms of BTC

According Token unlockAt the event, 15.6 million APE tokens will be launched into the ecosystem, with an estimated value of $20.28 million.

Information from the data provider showed that the unlock distribution would include the release of 2.2 million APEs to Yuga Labs founders, 278,000 to charities, 7.34 million to the project treasury, 4.17 million to Yuga Labs and 1.5 million APEs accumulated for all launch contributors. .

APE has a total supply of 1 billion tokens, of which 367 million are currently in circulation. The 15.6 million APE tokens to be launched represent 4.23% of its total supply.

APE continues to maintain a bullish stance

At its current value, APE changed hands at a price last seen on September 8.

Thanks to the overall market growth over the past month, the APE price rose by 20% between October 2 and October 29, after which it reached a high of $1.4. At $1.36 at the time of writing, APE’s value has since fallen 3%.

Based on the observed readings of the token’s price movements on the daily chart, the bullish sentiment that has overwhelmed the market in the last month pushed APE’s Chaikin Money Flow (CMF) to a 10-month high.

The CMF indicator measures the volume-weighted flow of money into and out of a crypto asset. When it grows along with the price of an asset, it is considered a bullish signal. This is because the movement suggests a greater influx of liquidity, which can contribute to price growth.

Conversely, a fall in the value of the CMF means capital flight and often precedes a fall in the value of an asset.

At the time of writing, APE’s CMF was at 0.17, having increased over 240% since October 21.

Similarly, buying momentum exceeded the distribution among spot traders, according to APE key momentum indicators. At press time, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) returned values ​​of 63.19 and 84.34, respectively.

Read Apecoin [APE] Price prediction 2023-24

Despite the price decline in recent days, APE’s Awesome Oscillator confirmed the strong presence of bullish sentiments.

Marked primarily by green histogram bars since mid-October, this indicator showed that the APE short-term moving average is consistently higher than the long-term moving average, suggesting that the market has continued an uptrend despite of the slight drop in value.

Source: APE/USDT on TradingView

source: ambcrypto.com