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Monkey bears are regaining control, and traders are eyeing a buying opportunity
- APE price is facing downward pressure with a decline of 1.91%, but traders remain active.
- MACD and EFI ratings indicate a short-term bearish trend for APE.
- A KST reading of an oversold condition for APE may offer a buying opportunity.
Over the past day, Apecoin (APE) price was initially driven lower but found support at $3.22, which led to the subsequent market capture by the bulls. However, the bullish momentum was short-lived as the bulls failed to break above $3.39, the 24-hour high. As a result, the bears have regained control of the APE market, resulting in a decline of 1.91% to $3.23 at press time.
APE’s market capitalization decreased by 1.87% to $1,191,726,506, while the 24-hour volume increased by 131.97% to $98,311,423, indicating that traders are still actively trading despite the The last drop.
The decline in the market value can be attributed to the bears regaining ground, which may have prompted some investors to liquidate their positions. However, the rise in trading volume indicates that many traders still believe in APE’s long-term potential and are taking advantage of the downturn to buy more shares.
24-hour price chart (Source: CoinMarketCap)
The Moving Average Convergence Divergence (MACD) on the 2-hour chart is in the negative territory and below its SMA line, which indicates that the bearish APE trend might continue in the short term. Selling pressure has increased in the APE market since the histogram entered the negative area.
A Know Sure Thing (KST) reading of -26.9359 indicates that the APE market is now oversold and may recover. This movement and increased trading volume suggests that some investors may be trying to take advantage of oversold conditions.
APE/USD chart (Source: TradingView)
A rating of -145 on the Elder Force Index (EFI) shows that negative momentum in APE is high, indicating that sellers are controlling the market and pushing prices lower.
Since the trend is likely to continue, traders and investors should be careful when opening new positions.
The MFI’s rating of 33.93 indicates that bearish sentiment in APE is building as buying pressure decreases and selling pressure increases. As APE is approaching the oversold level at 20, this could indicate a potential buying opportunity for traders hoping to enter the market at a discount.
APE/USD chart (Source: TradingView)
With bears regaining control of the APE market, traders should be careful before entering new trades. However, oversold conditions may present a buying opportunity for those willing to take risks.
Disclaimer: The views, opinions and information shared in this price forecast 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.
After the APE Bears regained control, the opportunity to buy traders first appeared in the coin issue.
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