Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

APE Bears Regain Control, Traders Eye Buying Opportunity

Published 05/11/2023, 08:01 AM
Updated 05/11/2023, 08:30 AM
APE Bears Regain Control, Traders Eye Buying Opportunity

APE Bears Regain Control, Traders Eye Buying Opportunity

  • APE price faces bearish pressure at a 1.91% drop, but traders remain active.
  • MACD and EFI ratings indicate short-term bearishness for APE.
  • KST reading of APE’s oversold condition may present a buying opportunity.

Over the past day, the Apecoin (APE) price was initially driven down by bears but found support at $3.22, leading to a subsequent market takeover by bulls. The bullish momentum, however, was short-lived as bulls failed to break above the $3.39 24-hour high. As a result, bears reclaimed control of the APE market, resulting in a 1.91% drop to $3.23 at press time.

The market capitalization of APE fell by 1.87% to $1,191,726,506, while the 24-hour trading volume increased by 131.97% to $98,311,423, indicating that traders are still actively trading APE despite the recent decrease.

The drop in market value could be ascribed to the bears regaining power, which may have prompted some investors to liquidate their positions. However, the surge in trading volume implies that many traders still believe in APE’s long-term potential and are taking advantage of the slump to buy more shares.

APE/USD 24-hour price chart (source: CoinMarketCap)

The Moving Average Convergence Divergence (MACD) on the 2-hour price chart is in the negative region and below its SMA line, indicating that APE bearishness may persist in the short term. Selling pressure in the APE market has increased since the histogram entered negative territory.

The Know Sure Thing (KST) reading of -26.9359 indicates that the APE market is now oversold and may recover. This movement and the increased trading volume suggest that some investors may be attempting to capitalize on the 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 control the market and drive prices lower.

Since the trend will likely continue, traders and investors should be cautious when opening new positions.

The MFI rating of 33.93 indicates that bearish sentiment in APE is increasing as purchasing pressure has dropped, and selling pressure has increased. As the APE nears the oversold level of 20, it may indicate a potential buying opportunity for traders hoping to enter the market at a reduced price.

APE/USD chart (source: TradingView)

As bears reclaim control of the APE market, traders should be cautious before entering new positions. However, the oversold conditions may present a buying opportunity for those willing to take the risk.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post APE Bears Regain Control, Traders Eye Buying Opportunity appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.