ApeCoin is a coin used in the APE ecosystem. It is linked to the ERC-20 governance and built on the ETH platform. The APE ecosystem is a broader project and the ApeCoin is a part of it. Being a crypto asset, APE is used for governance, unification of spend, and incentivization. ApeCoin DAO created the ApeCoin crypto, which is a new governing body.
ApeCoin’s maximum volume is traded on Binance. It is traded with the USDT pair resulting in the highest demand and supply. The circulating supply of the APE crypto is 368.593 Million APE, following a total supply of 1.0 Billion APE, resulting in the same amount of max supply. The fully diluted valuation of the cryptocurrency is $1.115 Billion, which puts it under the top 100 cryptos.
As per Coingecko, the current market sentiment of the APE crypto is bullish. More than 54% of traders are bullish on the APE coin. The market cap for the crypto has declined by more than 3.50% in the last 24 hours, resulting in $411.927 Million. It followed a volume of 19.89%.
The current volume/market cap ratio of the company is 10.50%, following a decline of -28.01 in the derivative volume of the cryptocurrency.
The APE Token Price Technical Analysis
a by writer11_gsm on TradingView.com
The price of the share has been consistently declining from the higher levels, making a bearish candlestick pattern following lower low swings and a bearish market structure. There are no signs of bullishness in the crypto chart or financial data.
As the price of the crypto has been consistently declining for many years the 50-day and the 200-day EMA are following a death cross on charts leading to a powerful downtrend which indicates that the price may continue to decline.
The sellers are dominating the market for the APE cryptocurrency, as its RSI has fallen below the oversold level and remains there. It shows the weakness and lack of demand for the coin.
ApeCoin Volume Analysis
The APE crypto is not attracting any traders, as its volume is stagnant and low. This shows that the coin is losing its appeal and momentum in the market.
Conclusion
The APE coin is following a negative market character resulting in a decline in price. It is currently trading in a negative EMA cross and bearish RSI following negative market structure. The volume of the cryptocurrency is also declining, indicating losing interest of traders in the crypto.
Therefore, the crypto’s price may continue to decline to lower levels.
Technical Levels
- Support levels for the APE Coin are: $1.00 and $0.500
- Resistance levels for the APE Coin are: $2.100 and $3.300
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.