ApeCoin’s (APE) Price Under Threat As Intensifying Sell Pressure Sparks Concerns

ApeCoin is a relatively new cryptocurrency, having only been introduced in the year 2021. However, during this relatively brief period of time, the NFT-based token has been on a roller-coaster ride in the crypto market, reaching new heights while simultaneously testing lower lows. Currently, the price of Apecoin (APE) is flashing bearish indications due to brewing sell pressure.

APE’s Bearish Outlook

According to on-chain market data, there have been verified claims that point towards an address “0x4BE5” transferring close to 463,137 APE over to Binance exchange. At the current price, this translates to a cost greater than $2.3 billion. This recent APE transfer sheds light on the prospect of incoming selling pressure, which has the potential to drive the price of APE down in the days to come.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

Not only this, but even APE’s technical indicators reveal evidence of bearish inclination as it pointed out that sellers were in control of the market. As summarised by the moving averages, APE’s technical (TA) indicators at CoinGape’s price tracker recommend a sell position, where it suggests “sell” at level 11 and a “buy” at level 5.

Weak Technical Indicators

Moreover, further bearish signs emerged when the relative strength index (RSI) for APE fell below the neutral value. On the other side, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA reduced, which showed that the bears were poised to take control of the market. During this period, APE’s exchange inflow also jumped dramatically on multiple occasions during the past few days, which is another indication of rising selling pressure.

In addition, according to Crypto Tony, a cryptocurrency expert, the price of APE needs to turn the supply zone at $5.35 into a support level before there is any possibility of carrying out a long position for the altcoin. This is the only condition under which such a possibility exists.

As things currently stand, the price of Apecoin (APE) is currently trading at $5.11 which represents an increase of 1.41% over the past 24 hours, in contrast to a decline of 9.50% over the last seven days, at press time.

Also Read: New AI Product Sparks Optimism For Hedera; Is HBAR Price Eyeing $1?

The post ApeCoin’s (APE) Price Under Threat As Intensifying Sell Pressure Sparks Concerns appeared first on CoinGape.