Investors that missed a chance to get into Apecoin [APE] may have just gotten another chance. The monkey-themed digital coin has been on a bearish trajectory since the last week of September. It retested an ascending support but more importantly, interesting observations have happened this weekend. Here’s AMBCrypto’s Price prediction for Apecoin [APE] for 2022-2023 […]
The volume spike underscored the potential for an upcoming major price move especially after the recent downside. Some of Apecoin’s on-chain metrics have already shifted following the downside and the volume change.One of the most notable recent observations pertaining to APE’s demand was a weighted sentiment increase. The weighted sentiment registered a sharp pivot on 13 October, the same day that it bottomed out last week.
APE might be headed for a bullish relief rally now that significant buying pressure was flowing back in. A look at the long-term price action also revealed that the current accumulation was taking place on an ascending trend line. The price sat right on the same ascending support at the time of writing.While the support line didn’t necessarily guarantee a bullish reversal, it surely increased the chances of one happening.
Furthermore, APE’s 90-day Mean coin age metrics pivoted on 6 October. It confirmed that sell pressure may have started wearing off in the first week of the month. This was because it indicated that more traders opted to hold their Apecoin rather than selling.The 90-day mean coin age metric further strengthened the probability of a sizable bullish bounce. A look at the supply of APE on exchanges solidified these expectations.
At the time of writing, Apecoin had more than enough signs pointing towards a bullish pivot. However, investors should exercise caution because market changes can occur at any time.Subscribe to get it daily in your inbox.
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