What you need to know as ApeCoin gears up for another token unlock

• ApeCoin will conduct the unlocking of 15.6 million APE tokens on 17 November. 
• The APE market continues its uptrend, despite the slight drawback in price in the past few days.

Two months after unlocking 40.60 million tokens, ApeCoin is scheduled to conduct another token unlock event on 17 November.

Realistic or not, here’s APE’s market cap in BTC terms

According to Token Unlock, the event will see 15.6 million APE tokens, worth an estimated $20.28 million, released to the ecosystem. 

Information from the data provider showed that the unlock distribution would include the release of 2.2 million APE to Yuga Labs founders, 278,000 to charity, 7.34 million to the project’s treasury, 4.17 million to Yuga Labs, and a cumulative 1.5 million APE to all launch contributors. 

APE has a total supply of 1 billion tokens, with 367 million currently circulating. The 15.6 million APE tokens set to be released make up 4.23% of its total supply. 

APE continues to maintain bullish stance

At its current value, APE exchanged hands at a price mark last observed on 8 September.

Thanks to the general market growth in the last month, APE’s price rallied by 20% between 2 and 29 October, after which it peaked at $1.4. At $1.36 at the time of writing, APE’s value has since dropped by 3%.

According to readings observed from the token’s price movements on the daily chart, the bullish sentiment that has overwhelmed the market in the last month pushed APE’s Chaikin Money Flow (CMF) to a 10-month high. 

The CMF indicator measures the volume-weighted money flow in and out of a crypto asset. When it grows in conjunction with an asset’s price, it is taken as a bullish signal. This is because the movement suggests increased liquidity inflow, which can aid price growth.

Conversely, a declining CMF value means capital flight and often precedes a decline in an asset’s value. 

As of this writing, APE’s CMF was 0.17, having risen by over 240% since 21 October. 

Likewise, buying momentum overpowered distribution among spot traders, according to APE’s key momentum indicators. At press time, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) returned values of 63.19 and 84.34, respectively. 

Read Apecoin [APE] Price Prediction 2023-24

Despite the price dip in the past few days, APE’s Awesome Oscillator confirmed the heavy presence of bullish sentiments. 

Marked mostly by green histogram bars since mid-October, this indicator showed that APE’s short-term moving average is consistently higher than the long-term moving average, suggesting that the market has continued to trend upward in spite of the slight drop in value. 

Source: APE/USDT on TradingView