LunarCrush, a popular social intelligence platform, recently tweeted that the Bored Ape Yacht Club (BAYC) topped the list of NFTs last week in terms of social mentions. This was positive news for the BAYC as it reflected a rise in popularity in the NFT community. The current top #NFTs by social mentions over the past […]
However, a look at APE’s on-chain metrics painted a different picture, as most of them suggested a further drop in its price in the coming days.registered a downtick, which was a red flag. APE’s network growth also followed a similar route and witnessed decline over the last few days.Interestingly, despite BAYC being the most popular NFT, it witnessed a downfall as both total NFT trade count and NFT trade volume plummeted last week.
The Money Flow Index registered an uptick and was slightly above the neutral mark. APE’s Chaikin Money FLow also went up and was heading towards the neutral zone. The Exponential Moving Average Ribbon revealed that the bulls and the bears were having a tussle, the latter with a upper hand. Interestingly, the Relative Strength Index was on the move below the neutral line and moved sideways at press time.Subscribe to get it daily in your inbox.
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