Will ApeCoin’s [APE] delay in staking further push the price down?

A few days ago, ApeCoin [APE] revealed some recent developments with its ApeCoin Improvement Proposals (AIPs). According to the new announcement, APE passed the proposal for launching the ApeCoin Bug Bounty Program, and in accordance with the vote, took the decision to postpone the coin’s staking.

Here’s AMBCrypto’s Price Prediction for ApeCoin [APE] for 2023-24

Messari, in a tweet, reported that even though the delay would have disappointed APE investors, it could also yield positive results, as it would ensure the security of ApeCoin’s staking smart contracts.

The voting process for the aforementioned program began on 28 October and ended on 3 November. As per the revised plan, ApeCoin staking will now go live next month, on 7 December. 

ApeCoin’s NFT space also witnessed some growth lately, which gave investors hope. MAYC, an NFT associated with ApeCoin, marked a promising increase in its sales by nearly 30%. 

Interestingly, the new announcement could not help APE in terms of its price actions, as it registered an over 8% decline in its price both in the last 24 hours and in the past week.

CoinMarketCap’s chart revealed that at press time, APE was trading at $4.25 with a market capitalization of over $1.3 billion. 

This looks bad

APE’s daily chart revealed the bears had a massive advantage in the market, and things were about to get worse, as the MACD displayed a bearish crossover. Moreover, the Exponential Moving Average (EMA) Ribbon suggested a further downtrend, as the 55-day EMA was resting above the 20-day EMA.

The Relative Strength Index (RSI) registered a downtick and was below the neutral mark. The Money Flow Index (MFI) took the same route as the RSI and was resting at the neutral mark at press time- yet another bearish signal.

Image Source: TradingView

Can the metrics save APE?

Surprisingly, despite not performing up to the mark in the last few days, few on-chain metrics were in favor of APE. For instance, APE’s social volume went up, which reflected the popularity of the coin in the crypto community. ApeCoin’s network growth also registered an uptick, which was a positive signal.

The exchange outflow spiked on 7 November, which looked optimistic, as it was a bullish signal. However, APE’s MVRV Ratio failed to go up over the last few days. Thus, increasing the chances of a further decline in APE’s price. 

Image Source: Santiment