![ApeCoin [APE]: This latest development can trigger selling pressure](https://i.headtopics.com/images/2023/2/26/cryptoamb/apecoin-ape-this-latest-development-can-trigger-se-apecoin-ape-this-latest-development-can-trigger-se-1629852033749491713.webp)
APE worth more than $2.3 million was recently transferred to Binance. Market indicators and metrics suggested increased selling pressure for the alt. ApeCoin [APE] recently rejected a proposal that presented the idea of the Forever Apes team producing 1000 ApeCoin capsules, including four stickers, one patch, and one poster. This proposal was aimed at increasing […]
This latest APE transfer underlines the possibility of incoming selling pressure, which can push APE’s price down in the coming days.at $5.07 with a market capitalization of over $1.86 billion.
Well, the anticipation of sell pressure was also revealed by a few of the market indicators, which pointed out that the sellers were in charge of the market, at press time. APE’s Relative Strength Index went below the neutral mark, which was bearish. On the other hand, the Exponential Moving Average Ribbon indicated that the bears were about to take control of the market, as the distance between the 20-day EMA and the 55-day EMA shrank.
’s MACD further established sellers’ advantage as it displayed a bearish crossover. However, though the Chaikin Money Flow was below the neutral mark, it registered a slight uptick, which was a positive signal for APE.
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