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- 1 Currently trading at $1.252 with bearish signals, the price may fall further if it breaks key support.
- 2 Ape coin’s declining circulation and price indicate traders’ lack of interest in the short-term, leading to profit booking.
The Apecoin price displayed a remarkable price structure on the daily chart, and the battle between bulls and bears was intense. Around October 2023, the price favored bulls from the demand zone at $1.00 and flew toward the $2.70 price mark by March 13th by shattering the $1.80 resistance of that time.
However, the Apecoin crypto exhibited deterioration as the price tumbled from a crucial supply level of around $2.70 on the charts by March 14th.
The APE crypto showed a severe crash after it touched the resistance level and plunged to lower levels following the declining trendline.
In the same way, the APE asset is still exhibiting bearishness after a drastic decline, and it still shows falling capacity as it slides below the significant trend in the 20-day and 50-day EMA bands. Depending on the sellers’ surge, the drastic decline could stretch for more depth.
Likewise, the Apecoin price asset exhibits bearish performance, as MACD is below the zero line, and the RSI is not close to the 30 level at 39.69. This means the APE asset is not facing significant buying pressure yet and can continue to fall.
The Ape coin asset is revealing bearish signs and can sink lower. Bad results were recorded in the previous month and quarter at -36.13% and -9.72%, signifying a steady downward movement.
At press time, the price is trading at $1.252 with an intraday decline of -9.81%. Therefore, if the price breaks the immediate critical support level of $1.00, the price will reach lower depths. However, if the price recovers and breaks the trend line, the above targets for the APE price would be $1.50 and $1.80.
Circulation Analysis Of Ape Coin Chart
Circulation shows the number of APE coins being used during a time period. 7-day circulation highlights that 21.33 million coins were transacted.
By price, the circulation has been declining seamlessly, which signifies the loss of interest of traders and investors in the APE crypto during the short-term trading cycle. As less circulation is in use and the price of the APE crypto is declining, profit booking in the crypto is processed on the daily chart. Therefore, this means it would be difficult for holders of the Ape coin to sell or trade it for other assets.
Furthermore, the lack of demand caused and affected its circulation; without buyers willing to purchase the Ape coin, its price would plummet, which is currently displayed on the daily price chart of APE.
30-Day Market Value to Realize Value Shows Apecoin Price is Likely to decline
The graph shows the relationship between the Apecoin crypto price and the MVRV rate over the last 30 days. The MVRV ratio represents the average P&L of investors who purchased the APE asset in the previous 30 days.
The chart shows that Apecoin’s price and MVRV rate are positively correlated, which signifies that they tend to move in the same direction.
When the APE price increases, the MVRV ratio also increases, which reveals that more investors are making money and may sell. Similarly, when the Apecoin price decreases, the ratio also decreases, which suggests that more investors are losing money and may buy.
The chart shows MVRV dropping from 29% to -24% and declining since. These metrics highlight that the 30-DAY MVRV ratio for Apecoin crypto has decreased, and in correlation, the APE price shows a struggle between bulls and bears near the demand zone. It illustrates that the APE price could jump below the demand zone as more investors may sell more, which could continue the price decline.
Summary
Apecoin experienced a price surge from $1.00 to $2.70 in October 2023 but faced a crash after hitting a supply level, leading to a 36.13% quarterly decline. Currently trading at $1.252 with bearish signals, the price may fall further if it breaks key support at $1.00.
Ape coin’s declining circulation and price indicate traders’ lack of interest in the short-term, leading to profit booking. Low demand and decreasing MVRV rate point to potential price drops as investors may sell off, impacting Ape coin’s struggle between bulls and bears near the demand zone on the daily chart.
Technical Levels
Support Levels: $1.00
Resistance Levels: $1.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
