Connect with us


ApeCoin: Decoding the AIP factor in APE’s growth story



Source: Unsplash

In a recent tweet, ApeCoin revealed that 36 AIPs were in process in the last week and five new AIP ideas were submitted. This looked quite promising as it added value to the ApeCoin network. 

To clear the cloud, AIP refers to ApeCoin Improvement Proposals, which are suggestions intended to enhance the network.

Here’s AMBCrypto’s Price Prediction for ApeCoin (APE) for 2023-24

However, APE’s chart did not reflect this development as it registered over 7% negative weekly gains. According to CoinMarketCap, at the time of writing, APE was trading at $4.35.

Interestingly, several crypto influencers, including CryptoKing, were quite bullish about APE, despite its sluggish performance, as they expected its price to surge in the days to come. 

Nonetheless, a look at APE’s metrics revealed a different story, as they indicated a possible continued downtrend.

This might cause trouble

APE’s MVRV Ratio went down considerably last week, which is a bearish signal. Moreover, APE’s volume also followed a similar path and decreased over the past few days, further increasing the chances of a price decline.

Source: Santiment

Not only this, but APE’s social dominance and positive sentiments also declined after registering a spike, which suggested less popularity and confidence in the coin. 

Source: Santiment

Should the investors be worried?

ApeCoin’s daily chart revealed a bearish picture as well, as most of the market indicators were not working in APE’s favor.

For instance, the Exponential Moving Average (EMA) Ribbon suggested a bearish upper hand in the market as the 20-day EMA was resting below the 55-day EMA.

Additionally, the MACD also registered a bearish crossover, which might further decline APE’s price in the coming days. APE’s Chaikin Money Flow (CMF) also went down and was way below the neutral position.

However, a slight relief came on looking at the coin’s Relative Strength Index (RSI), it was heading towards the oversold zone, increasing the chances of a trend reversal.  

Source: TradingView

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.