ApeCoin [APE] reacts in this manner as Yuga Labs dives into Ordinals

• Yuga will auction its newest NFT on the Bitcoin blockchain.
• Ape Coin did not, however, react to the news as the price continued to drop.

During the early hours of 28 February, Yuga Labs announced that it would be releasing its own NFTs based on Ordinals on the Bitcoin [BTC] blockchain. As a result, there has been a significant uptick in inscriptions of Ordinals, which have become popular among NFT fans.

Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4

— Yuga Labs (@yugalabs) February 27, 2023

Read ApeCoin’s [APE] Price Prediction 2023-24

According to Yuga Labs, which has ApeCoin [APE] as its native token, the idea behind the line is rooted in mathematical concepts like time and the Bitcoin blockchain. As Yuga explains it, the 12×12 grid at the center of his TwelveFold art system is a visual metaphor for the data cartography of the Bitcoin blockchain.

As part of the TwelveFold collection, which will be auctioned off later this week, Yuga Labs will reveal 300 tokenized, computer-generated artworks.

So, in all of this, how did the ecosystem token, ApeCoin, react?

Active address sees slight response as volume remains the same

From the outset, there was a response to Yuga Labs‘ announcement. The 24-hour active address measure on Santiment revealed a little increase as of the time of this writing.

Before today, ApeCoin‘s chart showed a decline in activity, while more recent movements revealed that more addresses were active. Over 4,500 active addresses could be seen as of the time of this writing. 

Source: Santiment

There wasn’t much of a response when looking at the Santiment Volume metric. The volume seen as of this writing was about 93.67 million. Although this may seem like a lot of volumes, days when it recorded over 400 million make it appear insignificant. In addition, the overall forecast showed a volume reduction in recent weeks rather than an upswing.

Source: Santiment

ApeCoin continues bear trend

The daily timeframe chart for ApeCoin revealed that it was trading at about $4.9 at the time of writing. Nonetheless, it was trading at a loss of about 1.3%, bringing the loss over the previous 48 hours to about 5%.

Source: TradingView

The chart also demonstrated that the short Moving Average (yellow line) had changed from support to resistance. As a result, the resistance level lay between $5.3 and $5.9. However, the lengthy Moving Average, which could be seen around roughly $4.9 and $4.7, acted as support for the price movement. 

How much are 1,10,100 APEs worth today?

Also, the Relative Strength Index shows that the token has entered a bear trend. As of this writing, the RSI line had gone below the neutral line and appeared to be continuing to do so.

The recent Yuga statement didn’t have any effect on ApeCoin based on the observed price change. There could, however, be movements to the upside from the token as the auction day draws closer.