ApeCoin Price Drops 3.42% Despite Launch of ApeCoin DAO Marketplace by CoinEdition

ApeCoin prices fell by 3.42% despite the launch of the ApeCoin DAO marketplace
  • Despite the debut of the ApeCoin DAO market, the price of APE has been declining recently.
  • According to an ApeCoin study, the value of the cryptocurrency is rapidly declining.
  • Based on the indications, bears will continue to dominate the APE market.

Snag Solutions officially launched the ApeCoin DAO Marketplace in a bid to boost trading, however, bears managed to manipulate the market and drop the price of ApeCoin (APE) by 3.42% to $3.21 as of press time.

The drop in APE’s market cap, which fell by 3.55% to $1,160,148,326, and the 24-hour trading volume, which fell by 48.94% to $100,070,781, both indicate that the market is under selling pressure. Increasingly, it supports the field of bear control.

24-hour price chart (Source: CoinMarketCap)

Investors’ hopes to the upside are diminished by the downward movement of the True Strength Index (TSI) towards the negative zone and below the signal line, which indicates a possible continuation of the bear’s dominance. The signal line reads 12.3814 while the TSI reads 9.9358.

OBV and price are forming shorter tops and bottoms, which indicates that the recession is likely to continue. The OBV line, which is at 105.349M and moving south, indicates that the selling volume is outweighing the buying volume and a bearish trend in APE prices will prevail.

The Average True Range (ATR) line, with a reading of 0.126, shows that Apecoin (APE) volatility is waning. In addition, the volatility of the ATR is a warning signal for traders to be careful in the near future.

4-hour APE/USD price chart (Source: CoinMarketCap)

The Money Flow Index (MFI) favors the bulls when it is above 50 and declines when it is below 50. So the MFI reading of 51.76 and the arrow heading south on the 4-hour APE price chart suggest that the bears will retain control from the APE, but since they Not below the “50” area, a turnaround is possible, providing investors with some consolation.

The Relative Strength Index (RSI) has a reading of 47.74 and is pointing south, indicating further bearishness as it approaches the oversold level at 20. The latter market is expected to continue as selling pressure in APE is increasing.

4-hour APE/USD price chart (Source: CoinMarketCap)

With the bulls running out of steam over the past 24 hours, the bearish trend in ApeCoin (APE) is expected to continue.

DisclaimerComments and opinions, as well as all information shared in this price analysis, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk, Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss

ApeCoin prices declined after falling 3.42% despite the launch of the first ApeCoin DAO Marketplace in Coin Edition.

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