Yuga Labs TwelveFold auction had this effect on Apecoin [APE]

• The 24-hour TwelveFold auction raised 735 BTC, or around 16.45 million at the market price at press time.
• Technical indicators sounded a bearish alarm for APE at the time of writing.

Yuga Labs is in the news after the highly publicized auction for its inaugural Bitcoin-based non-fungible token (NFT) collection – TwelveFold – concluded. The top 288 bidders each won one NFT and will receive their entries within a week, according to an update from Yuga Labs.

The TwelveFold auction has ended. Congratulations to the 288 highest bidders: they will receive their entry within a week. Eligible offers that did not rank in the top 288 will have the offer amount returned to your receiving address within 24 hours.

— Yuga Laboratories (@yugalabs) March 6, 2023

In fact, Twelve times He then added that the 24-hour auction raised 735 BTC or around $16.45 million, based on the market price at press time. Also, the highest successful bid was 7.1159 BTC, worth $159,282.

Yuga Labs added that failed bids that failed to appear on the top 288 list will have the bid amount returned to the user’s receiving addresses within 24 hours.

Read ApeCoin’s [APE] Price prediction 2023-24

Auction hype fails to lift APE

The hype associated with the auction failed to lift Apecoin’s spirits [APE] investors, however. Consider This – According to CoinMarketCapthe altcoin fell 1.7% over a 24-hour period, at the time of writing.

Also, it’s worth noting that network growth went downhill after a spike in early February. This indicated that the new addresses were not very interested in accumulating APE.

One reason could be the sharp drop in daily trading volume in profits. Its figures contracted from $8.95 million in mid-February to just over $3.2 million as of March 6.

The negative MVRV Ratio supported the aforementioned deduction. The possibility of losing their holdings discouraged new entrants from joining the network.

At the same time, the supply on the stock markets increased during the last week, which could increase the selling pressure in the short term.

Source: Feeling

MONKEY in the hands of bears?

APE moved within the indicated range for most of February. However, at the time of writing, the bulls were struggling to defend the lows of the range. A move below this will tilt the market in favor of the bears.

The moving average convergence divergence (MACD) broke through the negative territory, sounding a bearish alarm. The Relative Strength Index (RSI) inched into oversold territory, implying that selling pressure has also remained high.

Source: APE/USD Trade View

Finally, investors turned bearish as the number of short positions for the cryptocurrency increased over the past two days, according to Coinglass. In fact, the Longs/Shorts ratio was 0.92 at the time of writing.

Source: Coinglass

How much is 1,10,100 APE worth today?

While highly successful, Yuga Labs received some criticism from users for the way it conducted the auction process. casey rodarmorThe creator of Bitcoin Ordinals criticized the process, which involved submitting the full bid amount to be considered for the auction.

source: ambcrypto.com