Connect with us


Reasons why ApeCoin [APE] holders can be bullish in the near term



Reasons why ApeCoin [APE] holders can be bullish in the near term
Source: StockAI

  • APE registered unprecedented growth over the last week
  • Exchange outflow spiked
  • RSI and CMF were in support of a further price hike 

ApeCoin’s [APE] recent price action caught the eyes of many as it outperformed its contemporaries with a higher market capitalization. APE registered over 27% weekly growth and, at press time, it was trading at $3.86 with a market capitalization of over $1.3 billion.

Besides, CryptoDep, a popular Twitter handle that posts updates about notable developments in the crypto industry, recently revealed that APE was on the list of the top gainers on 27 November. 

Data from LunarCrush suggested that things might get even better for APE as metrics were in favor of a continued price surge.

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

ApeCoin investors can rejoice

Furthermore, according to LunarCrush, APE topped the list of cryptos in terms of social activity over the last seven days, which was promising as it reflected the popularity of the token in the crypto community.

Interestingly, a look at ApeCoin’s on-chain metrics gave further hope to investors. For instance, APE’s exchange outflow spiked quite a few times over the last week, which is a bullish signal for an asset.

The token’s network growth also noted an increase. Thus, increasing the possibility of a continued price hike. 

Source: Santiment

Well, APE’s popularity was proven yet again as its daily active addresses increased over the week, and so did its daily transaction volume in profit.

LunarCrush’s data revealed that APE’s volatility was considerably higher compared to the previous week, which, when coupled with the other metrics, painted a strongly bullish picture for the altcoin. 

Source: Santiment

The market might head in this direction 

Not just the metrics, but several market indicators were also supporting ApeCoin. The Relative Strength Index (RSI), at press time, registered an uptick and was resting above the neutral mark, which is a bullish signal. Moreover, APE’s Chaikin Money Flow (CMF) also took the same route and went up considerably.

However, the Exponential Moving Average (EMA) Ribbon indicated that the bears still had the upper hand in the market, as the 20-day EMA was below the 55-day EMA, which might cause trouble in the near term.

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? :/

Click to comment

Leave a Reply

Your email address will not be published.

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.